9. A profit -maximizing monopolist: a. reduces output in order to raise price. b
ID: 1096758 • Letter: 9
Question
9. A profit -maximizing monopolist: a. reduces output in order to raise price. b. chooses the output level at which profits are equal to zero. c. always charges a price lower than a successful cartel. d. increases its output to the point that other firms are encouraged to enter the industry. 10. The American buffalo was hunted to near extinction, while cattle populations have not been similarly threatened. A primary reason for this difference between buffalo and cattle is: a. buffalo are more valuable than cattle. b. catching buffalo has become much easier, while the technology of raising cattle has not changed. c. cattle reach maturity quickly, but the buffalo maturing process takes much longer. d. private property rights exist for cattle, but buffalo were a common property resource.Explanation / Answer
9. d) because till that point itss profit is increasing so other firms are encourage to enter the industry
10) a)
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