The marginal revenue curve for a monopolist is always below the demand curve
a. True
b. False
Indicate whether the statement is true or false
True
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In the Bertrand model of oligopoly, each firm chooses its output assuming that its rivals
a. do not change their price. b. do not change their output. c. can enter and exit the industry costlessly. d. use the tit-for-tat strategy.
The Monetarist model expands the Keynesian model by proposing that
A) decreases in the quantity of money lead to higher interest rates. B) the government should lower taxes promote economic growth. C) decreases in tax rates generate higher consumption. D) decreases in the growth rate of the quantity of money trigger expansions by controlling inflation. E) markets should be left alone to determine the optimal outcome.
Products can be differentiated
A) if the buyers are homogeneous and their number increases. B) by location and by brand name. C) only by brand name. D) none of the above
Workers with more human capital on average earn substantially higher pay than workers with less human capital in
a. most countries but not in the United States. b. the United States but not in most other countries. c. the United States and in most other countries. d. None of the above is correct; the evidence fails to indicate that human capital is a significant factor in determining earnings anywhere in the world.