Which one of the following is the best description of a monopolist?
a. a firm that produces a single product
b. a firm that is the sole producer of a narrowly defined product class, such as yellow, grade-A butter produced in Wisconsin
c. a firm that is the sole producer of a product for which there are no good substitutes in a market with high barriers to entry
d. a firm that is large relative to its competitors
C
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A sales tax imposed on sellers shifts the supply curve leftward for the taxed good because the
A) tax is paid by the seller to the government and is, therefore, like a cost of production. B) tax is actually shifted entirely onto the buyer who can afford only a smaller supply. C) higher price causes entry into the market. D) tax shifts the demand curve leftward.
Explain the relationships between the marginal product of labor and the demand for labor, and the marginal product of capital and the demand for capital
What will be an ideal response?