Question
21) In which market structure is it possible to earn short-run economic profits? monopoly and monopolistic competition monopoly perfect competition, monopoly, and monopolistic competition perfect
21) In which market structure is it possible to earn short-run economic profits?
monopoly and monopolistic competition
monopoly
perfect competition, monopoly, and monopolistic competition
perfect competition
23) A characteristic that distinguishes monopoly from oligopoly is
the lack of close substitutes.
many buyers and sellers.
long-run economic profits.
barriers to market entry.
24)In a perfectly competitive industry, short-run economic profits will lead firms to _____ the market, causing market price to _____.
enter; decrease
exit; decrease
enter; increase
exit; increase
28)According to federal judge and economist Richard Posner, we should repeal all the old antitrust laws and replace them with a simple statute that prohibits unreasonably anticompetitive practices.
True
False
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