Author Question: Which of the following is true of monopoly but not true of perfect competition? a. Firms can ... (Read 51 times)

fasfsadfdsfa

  • Hero Member
  • *****
  • Posts: 554
Which of the following is true of monopoly but not true of perfect competition?
 a. Firms can potentially earn economic profits in the short run.
 b. Total revenue is the product of price times the quantity sold.
 c. Firms can potentially earn economic profits in the long run.
 d. A profit-maximizing firm will shut down if price falls below the average variable cost.

Question 2

One of the primary objectives of the WTO is:
 a. to create trade restrictions across the countries.
  b. to reduce trade barriers created by the different countries.
  c. to enable certain countries to maintain their autarkic conditions.
  d. to enable the western countries to emerge as major players in the international trade.
  e. to redistribute wealth from the first world to the third world countries.



dajones82

  • Sr. Member
  • ****
  • Posts: 359
Answer to Question 1

c

Answer to Question 2

b



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

For a complete list of videos, visit our video library