In comparison to a competitive industry how is a monopoly different?
A.) High prices and profits signal consumers' demand for more output.
B.) Firms try to operate where marginal cost equals marginal revenue.
C.) The product is standardized or unique.
D.) During price adjustments price equals marginal cost throughout the process.
D.) During price adjustments price equals marginal cost throughout the process.
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Which of the following is likely to cause an upward movement along the labor supply curve assuming all else equal?
A) An increase in the labor population B) A rise in the wage rate. C) A fall in the wage rate. D) A decrease in the labor population
The table above gives the demand for a monopolist's output. What is the marginal revenue when output is increased from 2 to 3 units?
A) $18 B) $4 C) $7 D) $6
Refer to the information provided in Figure 3.16 below to answer the question(s) that follow.
Figure 3.16Refer to Figure 3.16. When the economy moves from Point B to Point A, there has been
A. an increase in supply and a decrease in quantity demanded. B. a decrease in both supply and demand. C. a decrease in supply and a decrease in quantity demanded. D. a decrease in demand and a decrease in quantity supplied.
The Fed increases money supply. In this case, the time lag problem of monetary policy may
A. increase real GDP in the short run. B. decrease the velocity of money in the short run. C. increase the velocity of money in the short run. D. none of the above