What can, in general, be said about a monopoly's supply curve?
a. A monopoly's supply curve, like that for a competitive firm, coincides with its marginal cost curve.
b. A profit-maximizing monopoly will operate only on the elastic portion of its supply curve.
c. The monopoly's supply curve is more inelastic than if the firm were competitive.
d. The concept of a supply curve is meaningless in the context of the monopoly problem.
d. The concept of a supply curve is meaningless in the context of the monopoly problem.
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A union of all workers from a particular industry is a(n)
A) craft union. B) conglomerate union. C) industrial union. D) expansive union.
An increase in the price of a loaf of bread will
a. cause the budget constraint to rotate outward b. reduce the minimum number of loaves any individual consumer can purchase c. increase the minimum number of loaves any individual consumer can purchase d. increase the maximum number of loaves any individual consumer can purchase e. reduce the maximum number of loaves any individual consumer can purchase
A computer you are considering for your business would add $4,000 per year to your profit. It would cost $400 a year to buy a complete maintenance contract so that you would never have repair and upkeep expense. The obsolescence depreciation is 25% a year. The going market interest rate is 5%. Assume all costs and revenue occur at the end of the year. If the going interest rate went up to 10%, how much would you be willing to pay for the machine?
What will be an ideal response?
A monopoly is a sole ____, and a monopsonist is a sole ____.
A. buyer in a product market; seller in a product market B. seller in a product market; seller in a labor market C. buyer in a product market; seller in a labor market D. seller in a product market; buyer in a labor market