The supply curve for a monopolist
A. is vertical.
B. does not exist.
C. is downward sloping.
D. is upward sloping.
Answer: B
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Figure 4-12
Refer to . The exhibit illustrates the impact of granting a subsidy on a particular good. Which of the following is true for this subsidy given the information provided in the exhibit?
a.
The subsidy has been statutorily (legally) paid to buyers.
b.
The subsidy results in an increase in the selling price of the good.
c.
Sellers will receive a larger proportion of the benefit from this subsidy than buyers.
d.
All of the above are true.
The quantity demanded is called elastic if it is ______.
a. responsive even to a small change in price b. responsive mainly to a large change in price c. unresponsive to a small change in price d. unresponsive even to a large change in price
When economists say the quantity demanded of a product has increased, they mean the:
a. demand curve has shifted to the left. b. demand curve has shifted to the right. c. price of the product has fallen, and consequently, consumers are buying more of it. d. price of the product has risen, and consequently, consumers are buying less of it.
If the Fed decides to engage in an open market operation to increase the money supply, what will it do?
a. Sell Treasury bonds, bills, or notes on the bond market. b. Buy Treasury bonds, bills, or notes on the bond market. c. Increase the required reserve ratio. d. Increase the fed funds rate.