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.
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