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Gillespie: Foundations of Economics 2e

Unit 12

Instructions

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Question 1

X inefficiency occurs when:

Question 2

The marginal revenue curve in monopoly:

Question 3

In monopoly when abnormal profits are made:

Question 4

In monopoly in long run equilibrium:

Question 5

A monopolist faces

Question 6

In a monopoly which of the following is not true?

Question 7

In monopoly which of the following is true?

Question 8

According to Schumpeter:

Question 9

A welfare loss occurs in monopoly where:

Question 10

In the UK the Competition Commission