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Author Question: Which of the following accurately describes a major difference between a monopolist and firms in ... (Read 77 times)

javeds

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on: Jun 30, 2018
Which of the following accurately describes a major difference between a monopolist and firms in perfectly competitive markets?
 a. The monopolist maximizes profit; firms in perfectly competitive markets maximize sales.
 b. The monopolist may earn long-run economic profit; firms in perfectly competitive markets cannot.
  c. The monopolist is a price taker; firms in other markets are price searchers.
 d. The monopolist may earn short-run profit; firms in perfectly competitive markets cannot.

Question 2

A firm's cost can decrease for each of the following reasons, EXCEPT:
 a. an increase in productivity due to experience.
  b. an improvement in productivity of capital employed.
  c. an improvement in work environment and quality of management.
  d. an increase in input prices.


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frejo

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

D


javeds

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Reply 2 on: Jun 30, 2018
Wow, this really help

sailorcrescent

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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