The demand curve confronting a nondiscriminating pure monopolist is:
A. more elastic than the demand curve confronting a competitive firm.
B. derived by vertically summing the individual demand curves competitors.
C. the same as the industry's demand curve.
D. horizontal.
Answer: C
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As the real wage decreases, the quantity of labor demanded ________ and the quantity of labor supplied ________.
A. increases; increases B. decreases; decreases C. decreases; increases D. increases; decreases
A monopoly firm can make economic profit in the long run. A firm in monopolistic competition cannot. What creates this difference?
What will be an ideal response?
Figure 7-10
In Figure 7-10, the curve labeled C is
A. average fixed cost. B. average total cost. C. average variable cost. D. marginal cost.
In market capitalism:
A) factors of production are privately owned and decisions are made privately. B) factors of production are owned by the government but decisions are made privately. C) there is no role for government. D) the consumer has few choices to make.