« previous next »

Author Question: Because monopolists are protected by high barriers to entry, they: a. may be able to earn long-run ... (Read 92 times)

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
on: Jun 30, 2018
Because monopolists are protected by high barriers to entry, they:
 a. may be able to earn long-run economic profits.
  b. will not minimize the per-unit cost of producing their output.
  c. will price their product at the highest possible price.
  d. seek economic profit; however, they are not able to earn it in the long run.

Question 2

Assume the price of Levi jeans increases. As a result, you decrease the quantity of Levi jeans purchased each month and purchase more Lee jeans. This is an example of the:
 a. consumption effect.
  b. utility effect.
  c. income effect.
  d. substitution effect.


jamesnevil303

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

d


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jun 30, 2018
Correct answers!


jamesnevil303

  • Sr. Member
  • ****
  • Posts: 337
Reply #3 on: Jun 30, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

The rate of evolution in short­ and long­lived plants The rate of evolution in short­ and long­lived plants
Graduating High School Graduating High School
Family interactive style predicts academic achievement in high school Family interactive style predicts academic achievement in high school
Summer squash exhibiting various fruit-shape phenotypes, including disc, long, and sphere Summer squash exhibiting various fruit-shape phenotypes, including disc, long, and sphere
Each chromosome consists of a single, long molecule of DNA within which are the sequences of individ Each chromosome consists of a single, long molecule of DNA within which are the sequences of individ
I need help fill up the chart attached phtoto long question I need help fill up the chart attached phtoto long question
Video: Embryonic development - Week 3

For a complete list of videos, visit our video library