Which statement is true?
A. Some monopolists are imperfect competitors.
B. Most monopolists are imperfect competitors.
C. All monopolists are imperfect competitors.
D. None of these statements are true.
C. All monopolists are imperfect competitors.
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The above figure shows the market for a particular good. If the market is controlled by a perfect-price-discriminating monopoly, consumer surplus equals
A) A. B) A + B + C. C) C. D) zero.
Firms are more likely to devote resources to research and development when
A) the country is in recession. B) they expect to earn rewards from successful research and development. C) it is easy to copy new techniques of other firms. D) the country has been experiencing slow economic growth in order to spur economic growth.
An increase in the price of a product
A) automatically increases wages. B) raises the firm's demand for labor. C) would probably decrease total revenues. D) increases productivity.
If short-run equilibrium GDP is above potential GDP, prices will eventually rise
a. True b. False Indicate whether the statement is true or false