Is the monopolist supply decision more complicated than that of competitive supply?
a. Yes, because the monopolist can choose its price, and the perfect competitor cannot.
b. No, because they are both price takers.
c. No, because the market determines the quantity for the monopolist.
d. No, because the market determines the price for both firms.
a
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Refer to Table 2-14. Does either Ireland or Scotland have an absolute advantage and if so, in what product?
A) Scotland only has an absolute advantage in producing guitars. B) Ireland only has an absolute advantage in producing motorcycles. C) Ireland only has an absolute advantage in producing guitars. D) Scotland has an absolute advantage in producing both products.
The price that we observe in the market is
A) the law of demand. B) a substitute. C) the money price. D) the relative price.