Author Question: Which of the following is (are) true of a monopoly? (i) A monopoly has the ability to set its price. ... (Read 11 times)

a0266361136 · **on:** Jun 30, 2018

Which of the following is (are) true of a monopoly? (i) A monopoly has the ability to set its price. (ii) A monopolists marginal revenue will always increase when it lowers the price of its product. (iii) A monopoly can never experience an economic loss.
a. (i) only
b. (ii) only
c. (i) and (ii) only
d. (ii) and (iii) only

Question 2

Which of the following is true of a tariff?
a. It is a tax levied by the government on domestic production of goods and services.
b. It is a quantitative restriction on imports imposed by the government.
c. It is a monetary benefit received by exporters from the government.
d. It is a monetary benefit received by importers from the government.
e. It is a tax on import and export levied by the government.