If a Firm Is the Sole Supplier of a Good

question 148

Multiple Choice

If a firm is the sole supplier of a good for which there are no close substitutes,and barriers to entry into the industry exist,it must be that

• A) profit will be earned.
• B) losses will never occur.
• C) any price can be charged.
• D) price and marginal revenue are the same.
• E) a deadweight loss to society will occur.

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Definitions:

Considered As False

A term indicating that a statement, hypothesis, or condition is deemed to be untrue or inaccurate.

Considered As True

Refers to the evaluation of a condition in programming as being true, often in the context of boolean expressions where non-zero values are typically considered true.

Opening Brace

The '{' symbol in programming languages, used to mark the beginning of a block of code, functions, classes, or other constructs.

Compound Statement

A block of two or more statements enclosed within a pair of curly braces, allowing them to be treated as a single statement.