This topic contains a solution. Click here to go to the answer

Author Question: Which of the following best explains an economic criticism of unregulated monopolists? a. ... (Read 63 times)

Davideckstein7

  • Hero Member
  • *****
  • Posts: 555
Which of the following best explains an economic criticism of unregulated monopolists?
 a. Monopolists do not try to minimize their costs of production.
  b. Monopolists produce where marginal revenue is greater than marginal costs.
  c. Monopolists attempt to produce too many products, and as a result, their prices are high, and consumer's waste time trying to choose between too many options.
  d. Monopolists restrict output, and as a result, they fail to produce units that are valued more than the marginal cost of producing them.

Question 2

When Pepsi becomes more expensive relative to other beverages, people will purchase less Pepsi. This observation is known as the:
 a. diamond-water paradox.
  b. law of diminishing marginal utility.
  c. substitution effect.
  d. income effect.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

brbarasa

  • Sr. Member
  • ****
  • Posts: 308
Answer to Question 1

d

Answer to Question 2

c




Davideckstein7

  • Member
  • Posts: 555
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review


mammy1697

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Gracias!

 

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.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

For a complete list of videos, visit our video library