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Author Question: Since a monopoly can set any price it wants, it always makes a profit. Indicate whether the ... (Read 15 times)

LCritchfi

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on: Jul 1, 2018
Since a monopoly can set any price it wants, it always makes a profit.
 
  Indicate whether the statement is true or false

Question 2

Which of the following characteristics of a competitive market make auction sites such as eBay so popular?
 
  A) There is freedom of entry and exit.
  B) There are very low transaction costs.
  C) There are only one or two sellers.
  D) Buyers and sellers have complete information.
Microeconomics ¦ Perloff ¦ 8th Edition
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pratush dev

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Reply #1 on: Jul 1, 2018
Answer to Question 1

False. The profit-maximizing price can result in a loss.

Answer to Question 2

B


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