ECO231
Question: In a pure monopoly there is no close substitutes for the product exist and there is seller
Answer: one
Question: is the situation whenever firms in an industry reach an agreement to fix prices, divide up the market, or otherwise restrict competition
Answer: collusion
Question: The relationship between wages and time for a worker is indirect
Answer: leisure
Question: A barrier to entry that significantly contributes to the establishment of a would be economies of scale
Answer: monopoly
Question: In the short run, a typical monopolistically competitive firm will earn economic or normal profit or suffer an
Answer: economic loss
Question: The analysis of monopoly indicates that the monopolist will seek to maximize
Answer: total profit
Question: In analysis, the consumer will be in equilibrium at the point where the budget line is tangent to the highest attainable indifference curve
Answer: indifference curve
Question: If enter the industry in the long run demand will decrease
Answer: monopolistic firms
Question: The concern that monopolistically competitive express about product attributes, services to consumers, or brand names are aspects of product differentiation
Answer: firms
Question: Profit must be equal to zero for a typical firm in the equilibrium because entry is easy
Answer: long run
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