Which of the following statements is not correct?
a. Consumers will likely benefit in the form of lower prices from buying a product made by a natural monopoly than if the market were served by several firms.
b. Monopolists typically charge higher prices than competitive firms.
c. Monopolists typically produce larger quantities of output than competitive firms.
d. Consumers may benefit from monopolies if the firms invest their higher profits into something that benefits society such as medical research.
c
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A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.
The GDP includes
A. the value of all intermediate goods and services. B. the value of all final goods and services. C. the value of both intermediate and final goods and services. D. the value of all transactions.