A monopolist faces a demand curve that
A. is below the marginal revenue curve.
B. is downward sloping.
C. coincides with the industry supply.
D. is perfectly horizontal at the market price.
Answer: B
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Robert Iwasaki lives next door to a toxic waste landfill. Katie Cooley lives five miles downstream from a steel plant that dumps waste into Mill Creek. Which person is more likely to press public officials for a cleaner environment?
a. Katie b. Robert c. neither d. both equally e. Economics cannot answer this question
A market for pollution permits can efficiently allocate the right to pollute by using the forces of supply and demand
a. True b. False Indicate whether the statement is true or false
Nonprice competition in monopolistically competitive markets results in
A. consumers buying the product with the lowest price in a differentiated market. B. less advertising and product differentiation than in markets without nonprice competition. C. rivalry among competing firms based on the characteristics that differentiate their products. D. price equaling the minimum average total cost in long run equilibrium.
Workfare requires able-bodied individuals to participate in work-related activities in order to receive transfer payments.
A. True B. False C. Uncertain