A monopoly always operates in the inelastic portion of its demand curve
Indicate whether the statement is true or false
False. A monopoly never operates in the inelastic portion of its demand curve. Marginal revenue is negative in this region.
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For the CPI to provide an accurate measure of the prices paid by urban consumers, it is necessary to
A) have a market basket that is consistent and corresponds to what households actually purchase. B) make certain that the incomes of the consumers surveyed do not change because such a change would affect the market basket of the goods and services they buy. C) change the market basket each month to reflect the changes that consumers make. D) assign equal weights to all the goods and services included in the market basket surveyed so that nothing is over-weighted. E) have prices stated in dollars so consumers can compare what they spend.
What are two ways in which economic growth is generally measured?
What will be an ideal response?
The average value added per U.S. farm worker is about __________ times that of farm workers in low- and middle-income countries
a. one half b. one c. ten d. seventy-five e. five hundred
As an individual consumes more of a good, the marginal utility of that good declines
a. True b. False Indicate whether the statement is true or false