The monopoly that does not practice price discrimination
a. is a firm with a marginal revenue curve with a slope of zero
b. is a price taker
c. charges the same price for every unit of output it sells
d. operates in a market where all firms charge the same price
e. is always profitable in the short run
C
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In markets, people's decisions are coordinated by
A) specialization according to absolute advantage. B) changes in property rights. C) learning-by-doing. D) adjustments in prices.
A major difference between a monopolist and a perfectly competitive firm is that
A) the monopolist is certain to earn economic profits. B) the monopolist's marginal revenue curve lies below its demand curve. C) the monopolist engages in marginal cost pricing. D) the monopolist charges the highest possible price that he can.
Arrange the following topics into lists of microeconomic and macroeconomic topics: - wages of textile workers - cost of producing 10,000 bookcases - the economy's annual growth rate - national demand for fish - the unemployment rate - the gold futures market - money supply - projected inflation rate next year
A. Microeconomics: wages of textile workers, the unemployment rate, cost of producing 10,000 bookcases, the gold futures marketMacroeconomics: the economy's annual growth rate, money supply, national demand for fish, projected inflation rate next year B. Microeconomics: wages of textile workers, cost of producing 10,000 bookcases, the economy's annual growth rate, unemployment rateMacroeconomics: national demand for fish, the gold futures market, money supply, projected inflation rate next year C. Microeconomics: wages of textile workers, cost of producing 10,000 bookcases, the gold futures market, national demand for fishMacroeconomics: the economy's annual growth rate, the unemployment rate, money supply, projected inflation rate next year D. Microeconomics: the economy's annual growth rate, the unemployment rate, money supply, projected inflation rate next yearMacroeconomics: wages of textile workers, cost of producing 10,000 bookcases, the gold futures market, national demand for fish
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