Which statement is true?

A. If the Metropolitan Opera had every opera star in the world under contract, it would be considered a monopoly because it had control over an essential resource in its business.
B. There is no way to distinguish between the long run and the short-run if a monopoly is making a profit.
C. Until the early 1960s, the National Football League had control of an essential resource, star football players, and was therefore able to maintain its monopoly status until the American Football League started drafting college stars in the early 1960s.
D. All of the statements are true.

D. All of the statements are true.

Economics

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No clearly defined socially preferred outcome may result when majority voting on outcomes because

A) often voters don't understand the outcomes. B) voting may violate the independence of irrelevant alternatives. C) voting may lead to incomplete preferences. D) voting may lead to non-transitive preference.

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When most shocks originate in the monetary sector, it is generally better to have

A) a flexible rate system. B) a fixed rate system. C) a gold standard. D) a managed float.

Economics