Which of the following is generally true of monopoly?
a. Price exceeds marginal cost.
b. Marginal revenue is less than price.
c. Output is restricted relative to the socially efficient level.
d. All of the above are generally true of monopoly.
Question 2
The usage of computers on a large scale facilitated widespread changes in organizations in the twentieth century. Given this, which of the following statements will be true?
a. The LRAC of a firm operating with the old organizational structure is likely to be lower than the firms with the new structure.
b. After adopting a new organizational structure that can effectively manage large-scale operations, a firm is likely to have lower LRAC whose minimum is at a higher output.
c. The LRAC of a firm with a new organizational structure will be higher and to the right of a firm operating with the old organizational structure.
d. After adopting a new organizational structure that can effectively manage large-scale operations, a firm's LRAC is likely to shift downward to the left.
Generally, the total tax burden in the United States is much lower than that of other industrialize
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