As other firms enter a monopoly's market, the monopoly's market power
A) is unaffected.
B) declines.
C) increases.
D) increases according to the Lerner Index but decreases according to the price/marginal cost ratio.
Question 2
A small business owner earns 60,000 in revenue annually. The explicit annual costs equal 10,000. The owner could work for someone else and earn 25,000 annually. The owner's accounting profit is ________ and owner's economic profit is ________.
A) 20,000; 5,000
B) 50,000; 25,000
C) 25,000; -5,000
D) 45,000; -5,000
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