Which of the following statements is FALSE?
A) An unregulated, profit-maximizing monopolist will not operate in the inelastic portion of the demand curve.
B) The marginal revenue earned by a monopolist will always be less than the product's price.
C) Typically there are numerous very close substitutes for the product of a monopolist.
D) For a profit-maximizing monopolist, marginal revenue equals marginal cost.
C
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Environmental problems in China
A) increase pressure for decentralization of power and authority from the ruling Communist party. B) are not recognized by local Chinese interests, but get large amounts of attention from global activists. C) are improving at a rapid pace in Chinese urban areas. D) are generally not an issue domestically or globally.
Do you believe that class size reductions will help student performance?
What will be an ideal response?
If a straight line crosses the Y-axis at 2 and crosses the X-axis at 4, we can conclude that the slope of the line is
A) positive. B) negative. C) zero. D) infinity.
A natural monopoly is most likely to occur in which of the following industries?
A) the pharmaceutical industry because the development and approval of new drugs through the Food and Drug Administration can take more than 10 years B) the diamond mining and marketing industry because one firm can control a key resource C) the software industry because of the importance of network externalities D) an industry where fixed costs are very large relative to variable costs