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Chap15 - ECON1001 Principles of Economics Homework Chapter...

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ECON1001 Principles of Economics Homework: Chapter 15 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Monopolies use their market leverage to a. charge prices that equal minimum average total cost. b. attain normal profits in the long run. c. restrict output and increase price. d. dump excess supplies of their product on the market. ____ 2. Sizable economic profits can persist over time under monopoly if the monopolist ____ 3. Most markets are not monopolies in the real world because ____
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