Most firms are not monopolies in the real world because
a. firms usually face downward-sloping demand curves
b. supply curves slope upward
c. price is usually set equal to marginal cost by firms
d. monopolies are not efficient
e. there are substitutes for most goods
E
Economics
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Refer to Figure 9-5. Without the tariff in place, the United States produces
A) 12 million pounds of coffee. B) 26 million pounds of coffee. C) 33 million pounds of coffee. D) 45 million pounds of coffee.
Economics
If a nonbinding price ceiling is imposed on a market, then the a. quantity sold in the market will decrease
b. quantity sold in the market will stay the same. c. price in the market will increase. d. price in the market will decrease.
Economics