Although there are barriers to entry in a monopolized industry, there are usually many close substitutes for the monopolist's product

a. True
b. False

B

Economics

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The above figure shows the production possibility frontier for a country. Suppose the country is producing at point E. What would be the opportunity cost to increase the production of wine to 9 thousand bottles?

A) 12 tons of rice B) 15 thousand bottles of wine C) 9 thousand bottles of wine D) 3 tons of rice E) Nothing, it is a free lunch.

Economics

Along any single indifference curve the ________

A) consumer is equally satisfied with any of the combinations of goods B) level of current income is unchanged C) level of future income is unchanged D) level of current and future income is unchanged

Economics