Author Question: Because monopolists are protected by high barriers to entry, they: a. may be able to earn long-run ... (Read 80 times)

mcmcdaniel

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Because monopolists are protected by high barriers to entry, they:
 a. may be able to earn long-run economic profits.
  b. will not minimize the per-unit cost of producing their output.
  c. will price their product at the highest possible price.
  d. seek economic profit; however, they are not able to earn it in the long run.

Question 2

Assume the price of Levi jeans increases. As a result, you decrease the quantity of Levi jeans purchased each month and purchase more Lee jeans. This is an example of the:
 a. consumption effect.
  b. utility effect.
  c. income effect.
  d. substitution effect.



jamesnevil303

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Answer to Question 1

a

Answer to Question 2

d



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