Multiple Choice
Monopoly firms manage to earn positive profits,even in the long run because
A) they have no close substitutes
B) there are high barriers of entry to the market
C) they have a cost advantage difficult to duplicate
D) all of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q20: A compensating wage differential is<br>A)the difference between
Q21: A sudden increase in the market demand
Q22: The main reason(s)firms in a competitive market
Q23: A sudden fall in the market demand
Q24: According to the indifference principle,in the long
Q26: All these are characteristics of a monopoly
Q27: A firm in a _ faces a
Q28: In the long run,in a competitive industry<br>A)economic
Q29: In a competitive industry<br>A)firms produce a product
Q30: In a perfectly competitive market industry,firm's prices