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Title: In the long run, a monopoly's Post by: dymasraja on Feb 27, 2018 In the long run, a monopoly's
a. economic profits are zero b. economic profits are negative c. economic profits are positive d. demand is perfectly inelastic QUESTION 2 The winners curse is more often associated with; a. oral auctions b. second-price auctions c. first-price sealed bid auctions d. common value auctions QUESTION 3 In a monopoly a. the industry has high barriers to entry b. the industry has high barriers to exit c. the industry has high barriers to entry and exit d. the industry has no barriers to entry or exit QUESTION 4 In common value auctions a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item is unknown to bidders QUESTION 5 Monopolies can earn positive profits a. In the long run only b. Until they disappear due to new entry c. In the short run only d. None of the above QUESTION 6 In common value auctions a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. Bidders do not know the estimates of the others d. The true value of the item differs across bidders QUESTION 7 A small town in West Texas has one gas station. If the price of oil increases, the price of gas that the station charges will most likely a. increase. b. decrease. c. remains the same. d. may increase or decrease. Title: In the long run, a monopoly's Post by: subinbhusal2479 on Feb 27, 2018 Content hidden
Title: In the long run, a monopoly's Post by: dymasraja on Feb 27, 2018 Marking this solved, moving on to the next...
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