Author Question: Empirical estimates indicate that the annual welfare cost of monopoly in the United States a. ... (Read 29 times)

wrbasek0 · **on:** Jun 30, 2018

Empirical estimates indicate that the annual welfare cost of monopoly in the United States
a. ranges from less than 1 percent to 5 percent of national income
b. ranges from 10 percent to 20 percent of national income
c. is approximately 10 percent of national income
d. is approximately 1 billion
e. is approximately 1 trillion

Question 2

The Amsterdam flower market is
a. an example of an open outcry auction market
b. an example of a Dutch auction market
c. a commodity market in which bidding opens at a low price and then moves upward
d. the world's best example of a perfectly competitive market
e. a monopoly market