Answer to Question #183409 in Macroeconomics for James

Question

QUESTION 1

The Tea Act continued the tax on teas and made the East India Company:

1. The richest company the world has ever seen.
2. The sole legal supplier of tea to the American colonies.
3. The inheritor of what was formerly Spanish tea.
4. Adhere to certain laws intended to limit their profit.
5. Obsolete. 

QUESTION 2

Monopoly is a market:

1. That can only be represented on a game board.
2. With no competition at all.
3. Where firms have a great deal of market power.
4. Both answers A and B above.
5. Both answers B and C above.

QUESTION 3

A monopolist must be concerned about whether consumers will:

1. Purchase its products or spend their money elsewhere.
2. Recognize the value of its products.
3. Realized the legal implications of purchasing products from a monopoly.
4. All of the above.
5. None of the above. 

QUESTION 4

Monopolies tend to earn significant economic profits:

1. Only in springtime.
2. Because of the lack of competition.
3. In spite of the lack of competition.
4. Only in the short run.
5. Only in the long run.

Answer 1

1- 2

2 - 5

3 - 1

4 - 2