When a monopolist increases the quantity that it sells, all else equal, total revenue increases, which is called the output effect
a. True
b. False
Indicate whether the statement is true or false
True
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If transactions costs are low, then assigning property rights in a market with external costs
i. increases the deadweight loss. ii. means private transactions are efficient. iii. means that only consumers must pay the external costs. A) i only B) ii only C) ii and iii D) i and iii E) i and ii
In the above figure, who pays the larger share of the tax?
A) buyers B) sellers C) Buyers and sellers each pay the same amount of the tax and each pays $10 per compact disc. D) Buyers and sellers each pay the same amount of the tax, but the amount each pays is different than $10 per compact disc.
Under fixed rates, which one of the following statements is the MOST accurate?
A) Monetary policy can affect only output. B) Monetary policy can affect only employment. C) Monetary policy can affect only international reserves. D) Monetary policy can not affect international reserves. E) Monetary policy can only affect money supply.
During the Great Depression of the 1930s, the unemployment rate in the United States increased to more than 25% of the labor force
a. True b. False Indicate whether the statement is true or false