This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following statements is true regarding the difference between a monopolist and a ... (Read 64 times)

appyboo

  • Hero Member
  • *****
  • Posts: 527
on: Jun 30, 2018
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
Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

b


appyboo

  • Member
  • Posts: 527
Reply 2 on: Jun 30, 2018
Wow, this really help

ttt030911

  • Member
  • Posts: 315
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

Congestive heart failure is a serious disorder that carries a reduced life expectancy. Heart failure is usually a chronic illness, and it may worsen with infection or other physical stressors.

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

true story true story
For some Americans, religion is an “easy-going, makes-little-difference” matter, as expressed in ... For some Americans, religion is an “easy-going, makes-little-difference” matter, as expressed in ...
Difference spectra of mitochondria Difference spectra of mitochondria
How to convert verbal statements into algebraic equations (Part 2) How to convert verbal statements into algebraic equations (Part 2)
How to convert verbal statements into algebraic equations (Part 4) How to convert verbal statements into algebraic equations (Part 4)
Difference between the house and the senate Difference between the house and the senate
Video: Structures that affect circulation - kidneys, blood volume and venous tone

For a complete list of videos, visit our video library