41. Which statement is true? A. Big business has a great deal of economic power

Question

41. Which statement is true?
A. Big business has a great deal of economic power but very little political power.
B. Big business has a great deal of political power but very little economic power.
C. Big business has a great deal of economic and political power.
D. Big business does not have much political or economic power.

42. Which statement is false?
A. Monopolies tend to be inefficient.
B. Economic power is easily translated into political power.
C. Two ways of preventing public utilities from taking advantage of their power are government regulation and government ownership.
D. None of these statements are false.

43. As a firm grows larger
A. economies of scale set in, then diseconomies of scale.
B. diseconomies of scale set in, then economies of scale.
C. economies of scale and diseconomies of scale set in at the same time.
D. neither economies of scale nor diseconomies of scale set in.

44. If the firm is maximizing profits, it is producing ____ units of output and charging a price of ___.
A. OF; ON
B. OF; OL
C. OG; ON
D. OG; OM
E. OG; OL

45. The profit-maximizing firm will be earning total revenue of
A. OFIN.
B. OFJM.
C. OFKL.
D. OGHM.
E. NIKL.

46. If the firm is maximizing profits, total profit will be
A. LKJM.
B. NIKL.
C. MJKL.
D. OFKL.
E. OFJM.

Draw the Spectrum of Competitiveness and label it fully.

Explanation / Answer

41. C. Big business has a great deal of economic and political power.

42. D. None of these statements are false.

43 A. economies of scale set in, then diseconomies of scale.

For Question 44 , 45 and 46 Image is n't there

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