Author Question: Using a broad definition, a firm would have a monopoly if A) it produced a product that has no ... (Read 117 times)

CQXA · **on:** Jun 29, 2018

Using a broad definition, a firm would have a monopoly if

A) it produced a product that has no close substitutes.
B) it does not have to collude with any other producer to earn an economic profit.
C) it can make decisions regarding price and output without violating antitrust laws.
D) there is no other firm selling a substitute for its product close enough that its economic profits are competed away in the long run.

Question 2

An oligopolist's demand curve is

A) identical to that of a perfectly competitive firm.
B) vertical on a price-quantity diagram.
C) unknown because a response of firms to price changes by rivals is uncertain.
D) identical to that of a monopolistically competitive firm.

orangecrush · **Reply #1 on:** Jun 29, 2018

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