Unlike a perfectly competitive firm, a monopolist faces a demand curve that is
A) upward sloping.
B) horizontal.
C) vertical.
D) downward sloping.
D
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The strongest argument for an independent Federal Reserve rests on the view that subjecting the Fed to more political pressures would impart
A) an inflationary bias to monetary policy. B) a deflationary bias to monetary policy. C) a disinflationary bias to monetary policy. D) a countercyclical bias to monetary policy.
Which of the following policies is likely to generate the smallest increase in national saving?
A) an increase in income taxes B) an increase in consumption taxes C) a cut in government transfer payments D) None of the above policies will increase national saving.
According to prospect theory,
A) people are concerned with wealth levels only. B) people are concerned with changes in wealth levels only. C) people never use a reference level when making their decisions. D) everybody is risk-neutral.
The nominal rate of interest is
A) the interest rate observed in today's market. B) the interest rate observed in the market minus the inflation premium. C) not influenced by inflation. D) a value that depends upon the stock market.