A monopolist always selects a price on the elastic portion of its demand curve
a. True
b. False
Indicate whether the statement is true or false
True
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Oligopolists merge to ________
A) increase market supply B) increase market demand C) increase market power D) reduce prices
Economic efficiency definitely occurs whenever
A) a firm cannot increase its output without increasing all its inputs. B) there are no implicit costs. C) the most modern technology is used in the production process. D) the firm produces a given output at the least cost.
The contact points where the terms of forward contracts are set are known as:
a. the underlying markets. b. the derivative markets. c. the over-the-counter markets. d. the futures exchange.
Communist countries worked under the premise that
a. people, when left on their own without government intervention, will find the best use of available resources b. central planners were in the best position to determine the allocation of scarce resources in the economy. c. households and firms, guided by an "invisible hand," could achieve the most efficient allocation of scarce resources. d. allowing the market forces of supply and demand to operate with no government intervention would achieve the most efficient allocation of scarce resources.