Monopolists are price takers
a. True
b. False
Indicate whether the statement is true or false
False
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In Brazil, the income elasticity of demand for dairy is 0.7 and for fruit and vegetables it is 0.5. These elasticities mean that if the income of Brazilians decreases, they will purchase ________ dairy and ________ fruits and vegetables
A) less; less B) more; more C) more; less D) less; more
Refer to Table 8-12. Consider the following data on nominal GDP and real GDP (values are in billions of dollars): The base year used in calculating real GDP is
A) 2013. B) 2014. C) 2015. D) 2016.
Give three reasons why the U.S. economy was more stable from 1950-2007 than it was prior to 1950
What will be an ideal response?
Generally speaking, if a firm faces decreasing average total costs of production throughout its entire range of output, then:
A. More firms will enter the market B. It will be unable to remain in business C. The firm is a natural monopoly D. The firm is able to earn only a normal profit