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Author Question: If the demand for a monopoly's output shifts rightward, the change in quantity produced is NOT ... (Read 74 times)

sabina

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on: Jul 1, 2018
If the demand for a monopoly's output shifts rightward, the change in quantity produced is NOT predictable because
 
  A) the monopoly is a profit maximizer.
  B) the monopoly is a price taker.
  C) the monopoly has no supply curve.
  D) the monopoly's marginal cost curve might not be upward sloping.

Question 2

The perfectly competitive model makes a lot of fairly unrealistic assumptions. Why do economics textbooks still talk a lot about this model?
 
  A) Many markets are close to being perfectly competitive.
  B) It is an important model to use as a benchmark to compare other markets structures to.
  C) Perfectly competitive markets maximize societal welfare.
  D) All of the above.
Microeconomics ¦ Perloff ¦ 8th Edition
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softEldritch

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

C

Answer to Question 2

D


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