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66. Monopoly exploitation is reduced by regulation that
restricts output.
enhances product-market competition.
increases the bargaining power of workers.
increases the bargaining power of employers
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67. The Law of Diminishing Returns depends on the assumption that
The land is the factor kept constant
The state of technical knowledge is unchanged
Total output is constant
Average output declines faster than the marginal output
68. Monopoly equilibrium can be reached when
Marginal cost is rising
Marginal cost is remaining constant
Marginal cost is falling
All of the above
69. The equilibrium level of output for the pure monopolist is where
MR = MC
P < AC
MR < MC
MR > MC
70. The Law of Diminishing Returns is applied to all fields of production was stated by
A. C. Pigou
Walras
Alfred Marshall
David Ricardo
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