Ceteris paribus, for a monopoly to sell more output, it must lower its price.
Answer the following statement true (T) or false (F)
True
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Which of the following is true of the total revenue curve of a firm in a perfectly competitive market? a. The total revenue curve is independent of the market price
b. As market price increases, the slope of the total revenue curve becomes flatter. c. As market price increases, the slope of the total revenue curve becomes steeper. d. As market price increases, the slope of the total revenue curve approaches zero.
Which of the following statements about U.S. agriculture is true as it relates to the past several decades?
A. The demand for farm products has declined, the supply of farm products has increased, and the price of farm products has declined. B. The demand for farm products has become both more income elastic and more price elastic. C. Minimum efficient scale has increased, the prices of farm products have declined, and the number of farms has declined. D. The prices of farm products have increased, minimum efficient scale has declined, and the supply of farm products has been stagnant.
If aggregate planned expenditures are less than real GDP, then
A) inventories increase above their planned levels and businesses increase their production. B) unplanned inventory changes equal zero. C) inventories decrease below their planned levels and businesses increase their production. D) inventories increase above their planned levels and businesses decrease their production. E) there is no equilibrium level of real GDP.
If the percentage change in the quantity demanded of a good is less than the percentage change in price, price elasticity of demand is:
a. elastic. b. inelastic. c. perfectly inelastic. d. unitary elastic.