Author Question: Which of the following properties hold true for the equilibrium price-quantity combination? a. ... (Read 70 times)

storky111 · **on:** Jun 30, 2018

Which of the following properties hold true for the equilibrium price-quantity combination?
a. Buyers who are willing to pay higher than the equilibrium price do not find sellers.
b. At the equilibrium price producer surplus equals consumer surplus.
c. The equilibrium output is produced at the lowest avoidable cost.
d. The equilibrium output is produced at the lowest opportunity cost.

Question 2

Monopoly is a market structure in which:
a. there are significant barriers to the entry of new firms.
b. the firms face a perfectly elastic demand curve.
c. there are a large number of close substitutes for the good produced.
d. a homogeneous product is sold.
e. the firms are price takers.