A monopoly:
A. is a price taker.
B. faces competition from other firms producing close substitutes.
C. restricts its output.
D. sets a low price by controlling the level of output.
C. restricts its output.
Economics
You might also like to view...
Assume a perfectly competitive firm is producing a level of output at which MR < MC. What should the firm do to maximize its profits?
A) The firm should do nothing — it wants to maximize the difference between MR and MC in order to maximize its profits. B) The firm should decrease output. C) The firm should increase price. D) The firm should increase output.
Economics
Since only a few firms dominate the oligopoly market, cutthroat competition does not exist
a. True b. False Indicate whether the statement is true or false
Economics