A monopoly is: a. a seller of a highly advertised and ...

[craiczarry]

A monopoly is:
 a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run.
  b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry.
  c. the only buyer of a unique raw material.
  d. the producer of a product subsidized by the government.

Question 2

Marginal utility will generally decrease when:
 a. more of a particular good is consumed.
  b. less of a particular good is consumed.
  c. average utility is the least.
  d. per capita utility is the least.
  e. the TU curve's slope is positive rather than negative.

[jaykayy05]

Answer to Question 1

b

Answer to Question 2

a

[craiczarry]

TYSM

[LVPMS]

Excellent