When economists compare monopoly to the monopolistic competitive market, they show that the latter generates
a. fewer choices for consumers
b. higher prices for consumers
c. higher economic profit (the sum of the economic profit of all firms)
d. less output because monopolies are more efficient
e. lower prices for consumers
E
Economics
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It is assumed in standard economic theory that a firm makes decisions in an effort to
A) have a highly diversified product. B) become as large as possible. C) maximize its profits. D) maximize its revenue. E) be favoured politically.
Economics
In economics, the term "shortage" means that the quantity demanded is greater than the quantity supplied at the existing price
a. True b. False Indicate whether the statement is true or false
Economics