Monopolies have ____ substitutes.
A) many
B) few
C) no
D) several but less than 10
Correct Answer:
Verified
Q34: Monopolies exist due to
A)patents.
B)government franchises.
C)cost factors.
D)all of
Q35: Firms in an oligopoly
A)act independently.
B)engage in strategic
Q36: For a competitive firm
A)price is equal to
Q37: In a monopoly, producer surplus is
A)larger than
Q38: Firms maximize profits when marginal revenue equals
Q40: The kinked demand curve is based on
Q41: A monopoly can block the entry of
Q42: Entry drives economic profits to zero.
Q43: Firms make a profit when they equate
Q44: Production should be expanded if marginal cost
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