This topic contains a solution. Click here to go to the answer

Author Question: Which of the following statements is true regarding the difference between a monopolist and a ... (Read 48 times)

appyboo

  • Hero Member
  • *****
  • Posts: 527
Which of the following statements is true regarding the difference between a monopolist and a perfectly competitive firm?
 a. Competitive price is higher than the price charged by a monopolist.
  b. Supply of output is higher in case of a monopoly than if the market is competitive.
  c. A monopoly can choose its price while a competitive firm is a price taker.
  d. A market characterized by competition has a higher deadweight loss.

Question 2

Before World War II, Alcoa controlled the supply of bauxite in the United States. Because bauxite is a scarce resource that is vital to the production of aluminum:
 a. Alcoa was bound to charge a nominal price in the U.S. aluminum market.
  b. Alcoa had a monopoly in the U.S. aluminum market.
  c. the U.S. aluminum market was highly competitive.
  d. Alcoa can be said to have operated in a monopolistically competitive market.
  e. Alcoa can be said to have operated in an oligopolistic market structure.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

pallen55

  • Sr. Member
  • ****
  • Posts: 331
Answer to Question 1

C

Answer to Question 2

b




appyboo

  • Member
  • Posts: 527
Reply 2 on: Jun 30, 2018
Excellent


aruss1303

  • Member
  • Posts: 314
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

Only 12 hours after an egg cell is fertilized by a sperm cell, the egg cell starts to divide. As it continues to divide, it moves along the fallopian tube toward the uterus at about 1 inch per day.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

For a complete list of videos, visit our video library