« previous next »

Author Question: Because monopolists are protected by high barriers to entry, they: a. may be able to earn long-run ... (Read 32 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?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

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.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

There are immediate benefits of chiropractic adjustments that are visible via magnetic resonance imaging (MRI). It shows that spinal manipulation therapy is effective in decreasing pain and increasing the gaps between the vertebrae, reducing pressure that leads to pain.

fMRI Machine It is not until after toddlerhood that most children can lie still long enough to have fMRI Machine It is not until after toddlerhood that most children can lie still long enough to have
The diminishing effects on body weight of a low-calorie diet and a high-calorie diet. The diminishing effects on body weight of a low-calorie diet and a high-calorie diet.
Clear the thigh with long strokes. Start superior to the patella; place your full flat hand and ... Clear the thigh with long strokes. Start superior to the patella; place your full flat hand and ...
Long-wave energy flux is emitted from Earth Long-wave energy flux is emitted from Earth
The distribution of high-energy, nutritious biscuits was a lifeline in the first days after the 2010 The distribution of high-energy, nutritious biscuits was a lifeline in the first days after the 2010
Response of corn selected for high and low oil content over 76 generations Response of corn selected for high and low oil content over 76 generations
Video: SNP Polymorphysim Microarray Chip - How to Test a Person's DNA

For a complete list of videos, visit our video library