1b.) Which characteristic is NOT found in a monopoly? A. There is substantial control over price....

Question

Question

1b.) Which characteristic is NOT found in a monopoly? A. There is substantial control over price....

1b.) Which characteristic is NOT found in a monopoly?

A. There is substantial control over price.

B. There is potential for long-run economic profit.

C. One firm produces homogeneous products.

Attempt 2

1c.) Which characteristic is NOT found in a monopoly?

A. There is substantial control over price.

B. There is potential for long-run economic profit.

C. One firm produces homogeneous products.

D. There is one firm.

1c.) Herbert Simon challenged the assumption that:

A. firms always act to maximize profits.

B. consumers always act to maximize utility.

C. a perfectly competitive firm is a price taker.

D. monopolies have the potential to earn long-run economic profits.

1d.)Table) Based on the table, what is the output with seven workers?

A. 55

B. 51

C. 50

D. 54

business economics

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Answer 1

Answer #1

Ans) the correct option is C. One firm produces homogeneous products.

Ans) the correct option is B. consumers always act to maximize utility.

Ans) the correct option is d) 54

Total product = 7.71 * 7 = 53.97

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Answer 2

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