A monopolist sets its price
A. below the demand curve.
B. without constraints since there is no competition.
C. on the demand curve, at the rate of output where marginal revenue equals marginal cost.
D. at the minimum of the long-run average total cost curve.
Answer: C. on the demand curve, at the rate of output where marginal revenue equals marginal cost.
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When two variables move in opposite directions, they are said to be:
A) uncorrelated. B) positively correlated. C) negatively correlated. D) directionally correlated.
Consumer surveys suggest that families with less than $500 in a bank during the last five years confidently anticipate a comfortable retirement
Indicate whether the statement is true or false
Which of the following is responsible for controlling the money supply in the United States?
a. The U.S. Congress. b. The Board of Governors of the Federal Reserve System. c. The U.S. Treasury. d. The Council of Economic Advisors.
A monopoly
a. can increase the price and increase output at the same time b. can charge any price it wants and still sell all of its output c. can sell any output it produces provided it accepts the market price d. must lower the price in order to increase output e. faces a perfectly elastic demand curve