Since there are no close substitutes for the monopoly's product, the monopoly can charge any price it wishes
Indicate whether the statement is true or false
False. The monopoly is still constrained by the demand curve, which reflects the price that people are willing to pay for the quantity produced.
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Recycling efforts such as those exemplified by BMW's Design for Disassembly (DFD) program
a. permanently diminish the flow of residuals back to nature b. are not represented in the materials balance model c. represent short-term conversion of residuals into recycled materials or goods d. reduce the amount of wastes returned to nature in the long-run
In the United States, the Lorenz curve for wealth is ________ from the 45-degree line than is the Lorenz curve for income, which means that the distribution of wealth is more ________ than the distribution of income
A) farther away from; unequal B) farther away from; equal C) closer to; unequal D) closer to; equal
If a $30 increase in U.S. exports to France causes a $150 increase in U.S. national income, the value of the marginal propensity to consume in the U.S. is
a. 5 b. 0.20 c. 3 d. 0.80 e. not discernible given the information provided
If you negotiated a salary based on an anticipated inflation rate of 4 percent, and the actual inflation rate turned out to be 6 percent:
A. the purchasing power of your real wages would be more than you anticipated. B. your employer would have gained at your expense. C. your real wage will increase, but your nominal wage will decrease. D. the purchasing power of your wages will not change, since purchasing power is based on your nominal wage.