Results of the ultimatum game indicate that most people value fairness enough that they will refuse to participate in a transaction they consider unfair, even if they are worse off financially as a result.
Indicate whether the statement is true or false
Question 2
Refer to Figure 15-4. What is likely to happen to this monopoly in the long run?
A) It will be regulated by the government because of its excess profits.
B) New firms will enter the market to eliminate its profits.
C) It will expand its output to take advantage of economies of scale so as to further increase its profit.
D) As long as there are entry barriers, this firm will continue to enjoy economic profits.
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