Monopolies are characterized by all of the following, except one. Which is the exception?
a. a downward-sloping demand curve
b. potential for long-run profits
c. a perfectly elastic demand curve
d. barriers to entry
e. no close substitutes for the good produced
C
You might also like to view...
Screening and signaling in the labor market are inefficient
A) unless college costs are relatively low. B) unless they result in a better job match. C) because the benefits are spread out over many firms. D) because they raise the wage paid to all workers.
In the 1960s and 1970s the U.S. passed several major consumer safety laws, including the Flammable Fabrics Act and the Child Protection Act. The economic impact of such legislation may include all of the following except:
a. reducing the price of the regulated product. b. increasing the cost of producing the regulated product. c. reducing the supply of the regulated product. d. reducing competition within the regulated industry.