[单选]Which of the following statements is correct?
A. Both a competitive firm and a monopolist are price takers.
Both a competitive firm and a monopolist are price makers.
C. A competitive firm is a price taker, whereas a monopolist is a price maker.
D. A competitive firm is a price maker, whereas a monopolist is a price taker.
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[单选]A monopoly market is characterized by
A. many buyers and sellers.
B. “natural” products.
C. barriers to entry.
D. a Nash equilibrium.
[单选]Which of the following would be most likely to have monopoly power?
A. a national florist
B. an online bookstore
C. a local restaurant
D. a local electrical cooperative
[单选]When a monopolist decreases the price of its good, consumers
A. continue to buy the same amount.
B. buy more.
C. buy less.
D. may buy more or less, depending on the price elasticity of demand.
[单选]A monopolist's average revenue is always
A. equal to marginal revenue.
B. greater than the price of its product.
C. equal to the price of its product.
D. less than the price of its product.
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