A monopolist charges a price that is ________ and produces ________ than a perfect competitor.
A. lower; more
B. higher; more
C. lower; less
D. higher; less
Answer: D
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A 10 percent increase in the quantity of spinach demanded results from a 20 percent decline in its price. The price elasticity of demand for spinach is
A) 0.5. B) 2.0. C) 10.0. D) 20.0.
Refer to Scenario 1-2. Using marginal analysis terminology, another economic term for the incremental revenue received from the sale of the last 300 hats is
A) gross earnings. B) sales revenue. C) gross profit. D) marginal revenue.
The following table contains the actual prices charged by four Web sites for a 3D Collector's Edition Blu-ray disc of the movie Marvel's Avengers: Age of Ultron in November 2015
Amazon $24.99 Walmart 25.48 Best Buy 29.99 Disney Store 29.99 Explain whether the information in this table contradicts the law of one price.
In the years before the Civil War, Southern states, because of high protective tariffs, were forced to buy most of their manufactured goods from _________.
Fill in the blank(s) with the appropriate word(s).