funbus

refers to a seller that does not have the ability to
control the price of the product it sells. The seller takes the
price determined in the market

• Price taker

• Price searcher

What are the three assumptions of monopoly?

Evaluate responses using AI:

OFF

defined as a seller that has
the ability to control to some degree the price of the product
it sells.

• Price taker

• Price searcher

if the firm tries to change a price higher than the market established price, the product will sell as much as they want.

• true

• false

Give the barriers to Entry in Monopoly

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OFF

equilibrium price is the only price where the desires of thee consumers and the desires of sellers agree

• true

• false

In e perfect competitive firm, if the profit is greater than the average total cost it will incur loss.

• true

• false

Ina monopolistic competition, both gains and loses by lowering its price.

• true

• false

refers to a single___, such as the price of
apples or the price of oranges.

• Price

• Price Level

is a weighted average of the prices of all
goods and services.

• Price Level

• Price