Monopolies, whose market position is based on exclusive access to resources, eventually lose their monopoly power when there is

a. increasing brand loyalty on the part of consumers
b. an expiration in their patents
c. a development of new technologies
d. exclusive access to resources
e. a negative cross elasticity with other goods in the market

C

Economics

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What are the determinants of elasticity of supply?

Economics

As output rises, the profit effect results from

A. Constant costs that do not rise when prices rise. B. Tight supplies of factors of production. C. The law of demand. D. Lower opportunity costs.

Economics