ECO231


Email: bbcnoun@gmail.com
Whatsapp: 08131667008


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


Email: bbcnoun@gmail.com
Whatsapp: 08131667008