The demand curve for a monopoly's product is
A) more inelastic than the market demand for the product.
B) more elastic than the market demand for the product.
C) undefined.
D) the market demand for the product.
D
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Refer to Figure 4-20. The figure above represents demand and supply in the market for gasoline. Use the diagram to answer the following questions
a. How much is the government tax on each gallon of gasoline? b. What portion of the per-unit tax is paid by consumers? c. What portion of the per-unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per gallon received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this gasoline tax efficient?
A decrease in the interest rate causes
A) movement up the IS curve. B) movement down the LM curve. C) the IS curve to shift to the left. D) the LM curve to shift to the right.
The quantity demanded in a market is only large enough for one firm to operate at the minimum of the long-run average cost curve. Which of the following will result in this situation?
a. Natural monopoly b. Oligopoly c. Duopoly d. Cartel
Which of the following statements is not correct?
a. If GDP is rising faster than debt, the government is, in some sense, living within its means. b. The ratio of debt to GDP in the United States has always been less than one. c. Debts during wars may distribute the burden of fighting the war more evenly across generations. d. During times of peace in the United States, the ratio of debt to GDP sometimes rose.