The demand curve for the product of a monopolist is
a. a straight horizontal line.
b. identical to the market demand curve.
c. identical to its MR curve.
d. below its MR curve.
b. identical to the market demand curve.
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The economy experiences an increase in the price level and an increase in real domestic output. Which is a likely explanation?
A. Interest rates have increased. B. Net exports have increased. C. Wage rates have fallen. D. Business taxes have increased.
The price elasticity of demand ________ in value when moving downward along a ________ line demand curve
A) falls; straight B) rises; curved C) falls, curved D) rises; straight
An economy may be operating at a point inside the production possibilities curve if: a. technological progress enables the economy to produce quantities of output otherwise unattainable. b. a substantial amount of labor is unemployed
c. a substantial amount of machinery is idle. d. either b. or c. occur.
The factor that leads to underpricing and overuse of an economic resource is
A. human greed and selfishness. B. capital markets. C. the lack of an enforceable property right. D. the lack of understanding of pollution and its effects.