Monopolists are price ______.
a. makers
b. takers
c. followers
d. ignorers
a. makers
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Sustained economic growth generally occurs when a nation
A) abandons the market system in favor of central economic planning. B) abandons the rule of law in favor of a series of licenses, regulations, and tariffs to control and protect the domestic economy. C) subsidizes loss-generating enterprises and thereby preserves jobs and incomes. D) creates conditions where people are free to specialize and exchange.
"The rich should pay higher income tax rates than the poor" is an example of a
A) normative statement. B) positive statement. C) descriptive statement. D) theoretical statement.
If the shut-down rule, p < AVC, is the same in the short run and the long run, explain why the shut-down prices may be different
What will be an ideal response?
Refer to the above graph. A successful advertising campaign by a monopolistically competitive firm will cause the demand curve for that firm to shift from:
A. A to B and become less elastic. B. B to A and become more elastic. C. A to B and become more elastic. D. B to A and become less elastic.