Author Question: Which of the following need not be true of a monopoly? a. The firm must be the only producer of the ... (Read 15 times)

mpobi80 · **on:** Jun 30, 2018

Which of the following need not be true of a monopoly?
a. The firm must be the only producer of the product.
b. The product must have no close substitutes.
c. There must be high barriers to entry.
d. The firm must earn an economic profit in the short run.

Question 2

Many economists believe that the collapse of world trade and the depression in the 1930s were linked by a decrease in real income caused by producing on the basis of comparative advantage.
a. True
b. False
Indicate whether the statement is true or false