Refer to Figure 13.2. If Oliver's political views place him at the L4 position and George's political views place him at the C4 position, Bobby's preference for mayor is
A) Oliver Cousins.
B) George Glass.
C) Bobby is indifferent between the two candidates.
D) Bobby definitely does not like either candidate.
B
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A single-price monopolist produces a ________ quantity than a perfectly competitive market with the same costs and charges a ________ price than the perfectly competitive market
A) greater; higher B) greater; lower C) lesser; lower D) lesser; higher
Ordinarily, governments attempt to promote competition in markets. Why do governments use patents to block entry into some markets when this prohibits competition?
A) Politicians sometimes succumb to pressure from lobbyists to grant favors to businesses for political reasons. B) Patents are an important source of government revenue. C) Patents are justified because they are an important means for creating network externalities. D) Patents encourage firms to spend money on research necessary to create new products.