The demand curve facing a monopolist is
A) downward sloping.
B) upward sloping.
C) horizontal.
D) vertical.
Answer: A
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A tariff does not raise any revenue for the government if:
A) imports exceed exports. B) exports exceed imports. C) exports equal imports. D) it reduces imports to zero.
What is the market fundamentals price and how might it differ from the equilibrium price?
What will be an ideal response?
Refer to Figure 12-1. If the firm is producing 500 units, what is the amount of its profit or loss?
A) profit equivalent to the area A B) loss equivalent to the area A C) profit of $280 D) There is insufficient information to answer the question.
The Land Ordinance of 1787 provided that a state would be admitted to the Union when its population reached:
a. 5,000. b. 30,000. c. 60,000. d. 100,000.