The demand curve for a monopolist differs from the demand curve faced by a competitive firm because the demand curve for:
A. a monopolist is the market demand curve.
B. a monopolist lies below its marginal revenue curve.
C. a competitive firm lies above its marginal revenue curve.
D. a competitive firm is inelastic.
Answer: A
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The most important thing about higher labor productivity is that it means
A) we can compete well with other nations. B) we are doing better than anyone else is. C) we can achieve a happier population. D) we can have a higher standard of living.
According to your text, when people talk about "the economy", they probably have in mind
A) the stock market. B) commercial society in general. C) the marriage market. D) black markets.
Most recently, the GATT agreement has replaced the WTO as the main institution promoting international trade
Indicate whether the statement is true or false
Assume that Zark and Bora are related products on the planet Zappo. It is observed that when the price of Zark falls (due to the cyclical nature of the Zark harvest), the demand for Bora quickly rises. On the basis of this information which of the following can be considered true?
a. Zark and Bora are substitutes. b. Zark and Bora are complements. c. Zark and Bora are both luxury goods. d. Zark and Bora are inferior goods.