Given the inverse demand function P(Q) = 250 - Q, what is the demand function?
A. Qd = D(P) = 250 - P
B. Qd = D(P) = 250/P
C. Qd = D(P) = P + 250
D. Qd = D(P) = 250 + P
A. Qd = D(P) = 250 - P
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For a good with an external cost, the supply curve
A) represents the various quantities people can buy. B) is the same as the marginal private cost curve. C) is the same as the marginal social cost curve. D) is the same as the marginal external cost curve.
When insurance companies offer fair insurance,
A) risk-averse agents always purchase it. B) risk-neutral agents never purchase it. C) risk-loving agents always purchase it. D) nobody would purchase fair insurance.
An excess supply will cause price to fall
Indicate whether the statement is true or false
By looking at the demand curves for perfectly competitive firms and for monopolies, you can see that ______.
a. monopolists can change price by adjusting quantity
b. perfectly competitive firms can change price by adjusting quantity
c. monopolists deal with perfectly elastic demand
d. perfectly competitive firms deal with downward sloping demand