This topic contains a solution. Click here to go to the answer

Author Question: Which of the following statements is true regarding the difference between a monopolist and a ... (Read 38 times)

appyboo

  • Hero Member
  • *****
  • Posts: 527
Which of the following statements is true regarding the difference between a monopolist and a perfectly competitive firm?
 a. Competitive price is higher than the price charged by a monopolist.
  b. Supply of output is higher in case of a monopoly than if the market is competitive.
  c. A monopoly can choose its price while a competitive firm is a price taker.
  d. A market characterized by competition has a higher deadweight loss.

Question 2

Before World War II, Alcoa controlled the supply of bauxite in the United States. Because bauxite is a scarce resource that is vital to the production of aluminum:
 a. Alcoa was bound to charge a nominal price in the U.S. aluminum market.
  b. Alcoa had a monopoly in the U.S. aluminum market.
  c. the U.S. aluminum market was highly competitive.
  d. Alcoa can be said to have operated in a monopolistically competitive market.
  e. Alcoa can be said to have operated in an oligopolistic market structure.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

pallen55

  • Sr. Member
  • ****
  • Posts: 331
Answer to Question 1

C

Answer to Question 2

b




appyboo

  • Member
  • Posts: 527
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review


ttt030911

  • Member
  • Posts: 315
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Did you know?

Adult head lice are gray, about ? inch long, and often have a tiny dot on their backs. A female can lay between 50 and 150 eggs within the several weeks that she is alive. They feed on human blood.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

Did you know?

Approximately 500,000 babies are born each year in the United States to teenage mothers.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

For a complete list of videos, visit our video library