The monopolist, unlike the perfectly competitive firm, can continue to earn an economic profit in the long run because of:
a. collusive agreements with competitors.
b. price leadership.
c. cartels.
d. a dominant firm.
e. extremely high barriers to entry.
Question 2
If total utility increases from 10 to 15 for the second unit of a good consumed, the marginal utility of the second unit is 25.
a. True
b. False
Indicate whether the statement is true or false
