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Author Question: Because monopolists are protected by high barriers to entry, they: a. may be able to earn long-run ... (Read 84 times)

mcmcdaniel

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

a

Answer to Question 2

d


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mcmcdaniel

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Reply #2 on: Jun 30, 2018
Correct answers!


jamesnevil303

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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