Question

In: Economics

amonopolist facesa. a two-tiered demand curveb. a perfectly inelastic demand curvec. a...

a monopolist faces

a. a two-tiered demand curve

b. a perfectly inelastic demand curve

c. a perfectly elastic demand curve

d. the market demand curve

a patent provides legal protection for an invention for

a. 9 years

b. 5 years

c. 3 years

d. 20 years

If a perfectly competitive industry is in long-run equilibrium, then

a. marginal cost is less than average cost

b. price equals average cost

c. all firms earn the same accounting profits.

d. price is greater than average cost and equal to marginal cost

Expert Solution

Ans) the correct option is d. the market demand curve

Ans) the correct option is d. 20 years

Ans) the correct option is b. price equals average cost

Rahul Sunny answered 2 years ago

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