The demand curve facing a monopolist is
a. horizontal at the market price.
b. identical to the market demand curve for the good.
c. exactly twice as steep as the market demand curve for the good.
d. vertical because there are no competitors.
b
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In reality, the long-run supply curve tends to be:
A. perfectly inelastic. B. perfectly elastic. C. upward sloping. D. downward sloping.
A decrease in price will lead to an increase in the quantity demanded.
a. true b. false
Which of the following gives the best reason why the possibilities of today's economy are expanding?
A. Because the constraints that affect the economy change every day B. Because worldwide population continues to grow C. Because people are more enlightened today than in the past D. Because laws continue to change, making more activities legal
The line of perfect income equality is
A. X.
B. Y.
C. Z.
D. not shown on this graph.