For any monopolist with a positive marginal cost of production, its demand curve at its profit maximizing level:
a. would be elastic
b. would be unit elastic.
c. would be inelastic.
d. could be either elastic or inelastic.
a
You might also like to view...
In a short-run macroeconomic equilibrium, potential GDP exceeds real GDP. If aggregate demand does not change, then the
A) short-run aggregate supply curve will shift rightward as the money wage rate falls. B) short-run aggregate supply curve will shift leftward as the money wage rate rises. C) long-run aggregate supply curve will shift leftward as the money wage rate rises. D) long-run aggregate supply curve will shift leftward as the money wage rate falls.
The excess burden of a tax is:
a. the amount by which the price of a good increases. b. the loss of consumer and producer surplus that is not transferred to the government. c. the amount by which a person's after-tax income decreases as a result of the new tax. d. the welfare costs to firms forced to leave the market due to an inward shift of the demand curve.
The expenditure method of measuring GDP is calculated by adding up: a. the final goods and services produced domestically during a given period
b. C + I + G + (X M). c. domestic production of final goods and services for consumers, firms, government, and the international sector (through net exports). d. all of the above.
If workers become less productive, which of the following would happen in the labor market?
a. Labor supply would decrease. b. Labor supply would increase. c. Labor demand would decrease and labor supply would increase. d. Labor demand would increase and so would labor supply. e. Labor demand would decrease.