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Author Question: A monopoly can be formed by a bandwagon effect. Which of the following products would most closely ... (Read 120 times)

colton

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on: Jul 1, 2018
A monopoly can be formed by a bandwagon effect. Which of the following products would most closely match the bandwagon effect?
 
  A) the Atlanta Braves baseball club
  B) the Dell Computer
  C) the Apple iPod
  D) the Chevrolet Corvette

Question 2

The long-run supply curve in a competitive market is upward-sloping.
 
  Indicate whether the statement is true or false
Microeconomics ¦ Perloff ¦ 8th Edition
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tsternbergh47

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

False. The shape of the long-run supply curve will depend on how similar the firms are and on the relationship between factor prices and total industry output.


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