Which of the following could be true of perfect competition but not of monopoly?
a. The government licenses production of the good to a few firms.
b. The government grants a patent for the good.
c. A firm can earn economic profit in the long run.
d. If price falls below average variable cost, it pays to shut down.
e. There are no barriers to entry.
E
Economics
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Barry Bonds and Jennifer Lopez have which of the following in common?
A) Neither of them faces the problem of scarcity. B) Each of them acts solely in the public interest. C) Each of them chooses to advance some projects over others. D) None of the above.
Economics
For a monopolist:
a. price equals average total cost. b. price is above marginal revenue. c. marginal revenue equals zero. d. marginal cost equals zero. e. average total cost equals marginal cost.
Economics