Successive downward movements along the demand curve for the product of a monopolist always generate successive
A) increases in the monopolist's marginal revenue.
B) increases in the monopolist's average total costs.
C) decreases in the additional per-unit costs incurred by the monopolist.
D) decreases in the additional per-unit revenues earned by the monopolist.
D
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Which of the following statements is true?
A) A bar chart can only be used to represent independent variables. B) A bar chart does not allow for the comparison of a single variable across many segments. C) A bar chart has many limitations in comparison to pie charts. D) A bar chart indicates the frequency of a variable by using rectangles of different heights or lengths.
In classical IS—LM analysis, the effects of a decline in desired investment include
A) a decline in output. B) an increase in the price level. C) a decline in the real interest rate. D) an increase in unemployment.
Comparative advantage is determined by
a. the amount of resources needed to produce a good b. the money cost of producing any good c. the opportunity cost of producing any good d. absolute advantage and production possibilities combined e. the level of demand for a good
Entrepreneurs are vitally important for economic progress because they
A) stick with the tried and true methods rather than experimenting with new ways of doing things. B) innovate and discover new ways of bringing items of value to consumers willing to pay for them. C) rely on price controls to determine the prices charged for the items they bring to market. D) rely on government grants and subsidies for the funding of research and development.