Author Question: Monopoly is a market structure characterized by a: a. single firm operating as a price taker. b. ... (Read 62 times)

genevieve1028 · **on:** Jun 30, 2018

Monopoly is a market structure characterized by a:
a. single firm operating as a price taker.
b. few firms operating as price takers.
c. single firm that is not a price taker.
d. none of these.

Question 2

Suppose that for Merv the marginal utility of 50-per-serving caviar is 100 and the marginal utility of 1-per-serving popcorn is 10 . For his snack, Merv should buy:
a. the caviar if he has the 50; otherwise, the popcorn.
b. the caviar if he has the 50; otherwise, nothing.
c. the popcorn, whether he has the 50 or not.
d. one serving each of the caviar and popcorn, if he has 51.
e. five servings of popcorn for each serving of caviar.