Under which of the following conditions could the monopoly price be less than the price that would result in perfect competition? When there are
a. diminishing marginal returns
b. substantial economies of scale
c. higher unit costs
d. increasing costs
e. constant returns to scale
B
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Which of the following is a positive economic statement?
A) The standard of living in the United States should be higher. B) The U.S. government should not have bailed out U.S. auto manufacturers. C) If the price of iPhones falls, a larger quantity of iPhones will be purchased. D) The government should revamp the health care system.
If inflation turns out to be higher than was anticipated, debtors are helped because
A) the real present value of their payments increases. B) the real present value of their payments decreases. C) the nominal present value of their payments increases. D) the nominal present value of their payments decreases.