The firms in a competitive price-searcher market produce goods and services that are

Low-skill workers earn a lower wage than more experienced, higher skilled workers because the

Business owners who care only about maximizing profits are

A monopolist will earn economic profits as long as price exceeds

The key element in a monopoly situation is

The demand for a factor of production will be more inelastic

A law that requires hairdressers to undergo many hours of training and acquire a license before they can offer haircuts to the public is an example of a

Patents grant their owners

A monopolist will maximize profits by

As the price of a resource decreases,