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The monopolist hires fewer workers than the perfect competitor because

A. The MRP curve for the monopolist is above the MRP curve of the perfect competitor.

B. The monopolist produces less than the perfect competitor and needs less labor, other things being equal.

C. Product price must rise for the monopolist to sell more.

D. None of the above.

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Prachi Dabas
Prachi DabasLv10
31 Oct 2020
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Related questions

The demand curve for the perfect competitor is horizontal because

A. demand is perfectly inelastic

B. the market dictates each firm's price

C. the firm is the price maker

D. None of the above

 

 

32) Marginal revenue is less than price for a single-price monopolist because the A) firm's output decisions do not affect the selling price. B) firm must lower its price for all units if it wants to sell more of the product. C) monopolist charges a price higher than the unit production cost. D) monopolist must worry about how its price setting will lead to entry by other firms. E) monopolist has achieved economies of scale.

11.) Which statement is false?
A. The minimum point of the AVC curve is the shutdown point.
B. The minimum point of the ATC curve is the breakeven point.
C. The firm's short-run supply curve runs up the marginal cost curve from the shutdown point all the way up the curve.
D. None of these statements are false.
12.) Which statement is false?
A. The firm's short-run supply curve runs along the MC curve from the shutdown point to the break-even point.
B. The MC curve intersects the ATC curve at the latter's minimum point.
C. Total revenue = price x output sold.
D. None of these statements are false.

26.) If the price were $25, this firm would _______ in the short run and _______ in the long run.
A. shut down; stay in business
B. shut down; go out of business
C. operate; stay in business
D. operate; go out of business

22.) If price is above the break-even point, in the short run the firm will _____ and in the long run the firm will _____.
A. shut down; stay in business
B. shut down; go out of business
C. operate; go out of business
D. operate; stay in business

8.) Which statement is true?
A. Because they are the only seller in the industry, the monopolist does not have to lower their price to sell more output.
B. Most firms in the United States are monopolies.
C. Unlike the perfect competitor, the monopolist does not necessarily produce at that output where MC = MR.
D. None of these statements are true.

15.) In the United States, natural monopolies
A. are easily converted to competitive industries.
B. are common in retailing.
C. are commonly regulated by governments.
D. are rarely regulated by governments.

21.) If a monopoly firm can sell its eighth unit of output for a price of $175, it may expect to receive a price __________ in order to sell more than eight units.
A. of more than $175
B. of $175
C. of less than $175
D. of $100

27.) Which statement is true?
A. Since the monopolist is the only firm in the industry, its profit is calculated differently from the way a perfect competitor would calculate profit.
B. The monopolist's demand curve and marginal revenue curve are the same line.
C. In the long run under monopoly, the most efficient output is the most profitable output.
D. A monopolist may lose money in the short-run

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