A monopolist's demand curve is
a. its marginal cost curve
b. its marginal revenue curve
c. identical to the market demand curve
d. the same as the demand curve of a firm in perfect competition
e. nonexistent
C
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A tax multiplier equal to –4.30 would imply that a $100 tax increase would lead to a
a. $430 decline in national income b. $430 increase in national income c. 4.3 percent increase in national income d. 4.3 percent decrease in national income e. 43 percent decrease in national income
Recent studies suggest that a rise in the minimum wage results in a substantial cut in the demand for teen labor
a. True b. False Indicate whether the statement is true or false
Which of the following statements about quotas is true?
A. Quotas provide some revenue to the government imposing them, while tariffs merely increase the wellbeing of foreign consumers. B. Quotas make consumers better off by ensuring that domestically manufactured products are of as high quality as possible. C. Quotas increase the quantity supplied by encouraging more domestic production. D. Quotas increase the price above the market equilibrium.
Bambi sells apples that she produces up to the equilibrium price of $20 per bushel. Andre sells green beans that he produces up to the equilibrium price of $18 per bushel. If they both sell the same number of bushels, but Andre makes more profit than Bambi, which of the following situations is true?
a. Producer surplus is greater for green beans than apples. b. Producer surplus is less for green beans than apples. c. Producer surplus is the same for green beans and apples. d. Producer surplus is negative for both green beans and apples.