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Economics Homework Nine Answers - Student Eight (view source)
Revision as of 03:49, November 16, 2009
, 03:49, November 16, 2009perfect
6. Monopoly (MC=MR is how the price is determined)
6. Monopoly (MC=MR is how the price is determined)
:Excellent!
3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."
3. Explain which specific type of industry (e.g., oligopoly or something else) each of these quotes probably refers to: (1) "She's the finest hair stylist in town; no one has her special style!", (2) "Crazy Eddie ... his low prices are INSANE!", (3) "Don't like his prices? He's the only one in town selling what you need."
3. Monopoly
3. Monopoly
:Correct!
4. List how monopolies can be established.
4. List how monopolies can be established.
5. Government grants of monopoly such as patents and copyrights
5. Government grants of monopoly such as patents and copyrights
:Superb.
5. What prevents a monopoly from increasing its prices without limitation?
5. What prevents a monopoly from increasing its prices without limitation?
The Law of Demand. When the price increases, demand decreases.
The Law of Demand. When the price increases, demand decreases.
:Terrific.
:Perfect! 40/40.--[[User:Aschlafly|Andy Schlafly]] 22:49, 15 November 2009 (EST)