If the demand curve facing a monopolist shifts, then the monopolist's:
A. marginal revenue curve and profit-maximizing level of output will change.
B. marginal revenue curve will change, but its profit-maximizing level of output will not.
C. marginal revenue curve will not change, but its profit-maximizing level of output will.
D. total cost curve will change, but its variable cost curve will not.
Answer: A
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The long-run supply curve is downward sloping in a(n)
a. decreasing-cost industry b. increasing-cost industry c. constant-cost industry d. labor-intensive industry e. capital-intensive industry
If the price of the good increases,
a. MPP will increase b. MLC will increase c. MRP will increase d. MPP will decrease e. TLC will increase
Which of the following is an example of a closed economy?
a. Bejukistan is a major trading partner of more than 100 countries. b. Freedonia is the leading export country in terms of the dollar value of its exports. c. The island of Isolakia lives self-sufficiently with no foreign trading partners. d. New Voltari exports goods and services at a rate higher than its annual GDP.
If Volkswagen (a German-based firm) produces a car in Tennessee and exports it to Mexico, in which country’s GDP will the car be counted?
A. Germany’s, because Volkswagen is a German company B. Mexico, because that is where the car is purchased C. The United States, because that’s where it was built D. Both Mexico and the United States