Question what is the definition of monopoly? a. a monopoly is a firm that is created and regulated by the government. b. a monopoly is a firm that earns large economic profits. c. a monopoly is a firm that is the only seller of a product in a given industry. d. a monopoly is a firm that is the only seller of a product that can ignore the average total costthe average total cost of production. e. all of the above.

As manager of kids skids, meghan wants to develop her relationship management skills. in order to do this, she learns how to

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Which of the following is an example of search costs? a.) driving to a faraway place to find available goods b.) buying goods in some special way that is outside the normal channels c.) paying a premium cost for goods d.) selling extra goods for a discount price