In which of the following markets does a firm have power ...
In which of the following markets does a firm have power to make super normal profits both in the short run and long run?
Monopoly
Duopoly
Oligopoly
Monopsony
Correct answer is A
If a firm makes more than normal profit it is called super-normal profit.
The monopoly is able to make supernormal profits in the short run and long run because the price (AR) is greater than AC.
Which of the following is NOT a determinant of the size economically active population ...
Given that Y = C + I and C = bY where b = 0.8, what is the multiplier? ...
Which of the following is an important limiting factor in the application of division of labour? ...