Author Question: A narrow definition of monopoly is that a firm is a monopoly if it can ignore A) government ... (Read 231 times)

bb · **on:** Jun 29, 2018

A narrow definition of monopoly is that a firm is a monopoly if it can ignore

A) government antitrust laws.
B) the pricing decisions of firms that produce complementary products.
C) the actions of all other firms.
D) the pricing decisions of its suppliers.

Question 2

The income effect of an increase in the price of peaches is

A) the change in the quantity of other fruit demanded that results from the impact of the price change on purchasing power, holding all other factors constant.
B) the change in the quantity of peaches demanded that results from the effect of the change in price on consumer purchasing power, holding all other factors constant.
C) the change in the demand for peaches as a result of the change in the price of peaches, holding all other factors constant.
D) the change in the quantity of peaches demanded that results from the price increase, making peaches more expensive than other fruit, holding constant the effect of the price change on consumer purchasing power.

shayla · **Reply #1 on:** Jun 29, 2018

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