The above table gives the demand schedule for a monopoly. The demand is inelastic over the entire price range between
A) $6 and $1.
B) $5 and $1.
C) $3 and $1.
D) $6 and $4.
E) $4 and $3.
C
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One of the reasons communism failed was because:
a. governments ran out of money. b. workers received the same pay whether or not they worked hard. c. there was no unemployment. d. Mao Zedong passed away. e. technological improvements were impossible in a communist economy.
Forecasts of an inevitable exhaustion of essential natural resources are "simply beside the point" because higher prices
a. reduce quantity demanded. b. stimulate supply. c. stimulate alternative technology. d. All of the above are true.
The entry of new firms into a competitive market will
a. increase market supply and increase market prices. b. increase market supply and decrease market prices. c. decrease market supply and increase market prices. d. decrease market supply and decrease market prices.
A monopolist produces where P > MC = MR
a. True b. False Indicate whether the statement is true or false