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 64 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
Thanks for the timely response, appreciate it


jamesnevil303

  • Member
  • Posts: 337
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

The horizontal fraction bar was introduced by the Arabs.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

For a complete list of videos, visit our video library