Author Question: A monopoly is: a. a seller of a highly advertised and differentiated product in a market with low ... (Read 34 times)

craiczarry · **on:** Jun 30, 2018

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.