Which of the following statements about a monopolist is FALSE?
A) A pure monopolist is the sole supplier of one product, good, or service.
B) The monopolist faces a demand curve for the entire market for that good.
C) A pure monopolist is not the same as a perfect competitor.
D) The monopolist faces the industry demand curve, which is upward sloping.
D
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Refer to Table 19-12. 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.
If the marginal product of a unit of physical capital is 10 units of output, and the product that the physical capital is used to produce is sold for $5, the value of the marginal product of physical capital equals:
A) $2. B) $10. C) $20. D) $50.
Labor resources include:
a. skilled workers but not unskilled workers. b. unskilled workers but not skilled workers. c. a robot. d. education and training of workers. e. coffee breaks.
Assume the MPC is 0.65 . Assuming only the multiplier effect matters, a decrease in government purchases of $20 billion will shift the aggregate demand curve to the
a. left by about $30.77 billion. b. left by about $57.1 billion. c. right by about $57.1 billion. d. right by about $30.77 billion.