Because a monopoly's demand curve is the same as the market demand curve for its product
A) the monopoly is a price taker.
B) the monopoly's average total cost always falls as it increases its output.
C) the monopoly's marginal revenue equals its price.
D) the monopoly must lower its price to sell more of its product.
D
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Which of the following headlines would be more closely related to what macroeconomists study than what microeconomists study?
A) The United Auto Workers sign a contract raising wages and benefits 7% over the next 3 years. B) Real GDP grows by 2.3% in the second quarter. C) Avocado prices rise due to a late frost in California. D) Airlines raise ticket prices in response to rising fuel costs.
An increase in the discount rate ________ bank reserves and ________ the money supply if banks respond appropriately to the change in the rate
A) increases; decreases B) decreases; decreases C) decreases; increases D) increases; increases
Two-thirds of sales tax revenues are collected by _____
a. the federal government b. state governments c. county governments d. city governments
Private goods are:
A. not rival in consumption and not excludable. B. not rival in consumption, but excludable. C. rival in consumption, but not excludable. D. rival in consumption and excludable.