Home / Questions / Consumers lose when a market is served by a monopolist to the extent that units of output
Consumers lose when a market is served by a monopolist to the extent that units of output for which the price consumers are willing to pay exceeds the marginal costs of production are not produced.
73) Although monopoly and perfect competition result in different market outcomes, the fact that firms in both market structures work to maximize their profits ensures that resources are allocated efficiently in both situations.
74) Barriers to entry serve to limit the number of firms that operate in a particular market and, as such, reduce the amount of total profit earned in the market.
75) Because barriers to entry limit the amount of competition in various markets, government policy should be designed to reduce or eliminate such barriers wherever possible.
76) Economies of scale can benefit consumers to the extent that the costs of production incurred by the firms in the industry are lower than they would otherwise be. At the same time, the price-setting power of those firms is increased, which could hurt consumers.
77) Even if production of a good is characterized by economies of scale, consumers of the good would be best served by having a large number of small firms produce the good because of the effects of increased competition.
78) Licensing requirements for doctors, which are intended primarily to maintain the quality of persons who work in the profession, have no the effect on the profits of those individuals because the number of competitors is so large.
79) Patents and copyrights create incentives for individuals to create information that might not be produced otherwise.
80) Efforts by firms to secure patents increase the amount of competition in the affected markets.
81) Patents have become less important than such factors as secrecy, lead time, and increased sales and service efforts as a means to maintain a competitive advantage in the pharmaceutical industry.
Dec 07 2019 View more View Less
You just invested $49,000 that you received as a bonus from your new employer. How much more will this account be worth in 40 years if you earn an average return of 7.6 p...
Apr 24 2021Draw the Lewis structure for chloroform, CHCl3. What are its electron-pair and molecular geometries? What orbitals on C, H, and Cl overlap to form bonds involving these elements?
May 24 2021What type of relationship do you think Rey and his father have?
Nov 26 2019What is the accounting treatment of services sold on account?
May 17 2021On January 22, 2011, Dome, Inc., sold 700 toner cartridges to Maxine Supplies. Immediately prior to this sale, Dome’s perpetual inventory records for these units included...
Apr 27 2020Mary and Suzy stylish dress. Select one: O a. loving O b. loves O c. are love O d. love
Apr 20 2021Selected data derived from the income statement and balance sheet of National Beverage Co. for a recent year are as follows:Income statement data (in thousands):Net incom...
May 08 2021For bismuth (Bi), determineThe number of atoms in 0.243 g.The mass of 139 protons
Jun 15 2021PUTNAM EXAM CHALLENGELet be the area of the region in the first quadrant bounded by the line , the x-axis, and the ellipse . Find the positive number such that is equa...
Aug 10 2021If u =xyz, v =xy+yz+zx and w =x+y+z find jacobian of u,v,w on x,y,z >
Aug 05 2020