All of the following statements, except one, are correct in short-run equilibrium for both a single-price monopolist and a monopolist that practices perfect price discrimination. Assume that both firms are able to earn at least a normal profit. Which statement is the exception?
a. Both face downward-sloping demand curves for their output.
b. Both produce all output units for which marginal revenue exceeds marginal cost.
c. Both produce in the range where marginal revenue is positive.
d. Both are price setters.
e. Both produce an output level for which price exceeds marginal cost.
E
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The gold standard fixes the:
a. future price of gold in terms of silver. b. price of gold in terms of international currencies. c. future price of silver in terms of gold. d. money supply in terms of paper currency. e. past exchange rate and the future exchange rate.
Which economic system is usually associated with government ownership of the means of production and central planning?
A. Communism B. A market system C. Fascism D. Capitalism
The Reserve Banks of the Federal Reserve System are owned by:
A. the U.S. Treasury. B. the Board of Governors. C. the commercial banks in their districts. D. the taxpayers in their districts.
According to the life-cycle theory of consumption, people tend to consume less than they earn during their main working years.
Answer the following statement true (T) or false (F)