A monopoly does not have a supply curve
What will be an ideal response?
True. A supply curve shows how much quantity a firm wishes to sell at any given price. First, the monopoly does not take price as given. The monopoly determines price based on the shape and position of its marginal cost curve and demand curve.
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The above figure shows the demand and cost curves facing a monopoly. If a $100 per unit tax is charged, what is the incidence of the tax on consumers?
A) 100% B) 50% C) 25% D) 0%
A firm should hire an additional worker as long as the wage rate is
A. Greater than the MRP. B. Less than the MPP. C. Less than or equal to the MRP. D. Greater than the MPP.
Comparative advantage cannot account for a significant portion of world trade
Indicate whether the statement is true or false
The World Bank was formed in
A. 1960. B. 1919. C. 1945. D. 1980.