The monopolist has no supply curve because
A) the quantity supplied at any particular price depends on the monopolist's demand curve.
B) the monopolist's marginal cost curve changes considerably over time.
C) the relationship between price and quantity depends on both marginal cost and average cost.
D) there is a single seller in the market.
E) although there is only a single seller at the current price, it is impossible to know how many sellers would be in the market at higher prices.
A
You might also like to view...
The divergence between money costs and opportunity costs will be greatest in which of the following situations?
a. A university purchases 100 computers. b. A university employs people from town in the commissary (people prefer this job to working in the paper factory). c. A university employs otherwise unemployed teenagers to paint crosswalks and curbs. d. A university replaces the roof of the fine arts building.
Which of the following best defines a network externality?
a. the study of strategic interactions among economic agents b. the costs involved in changing from one product to another brand or in changing suppliers c. a strategy that will be optimal regardless of opponents’ actions d. when the number of other people purchasing the good influences quantity demanded
If the marginal cost of reducing pollution is positive, then:
A. the optimal amount of pollution is zero. B. the marginal benefit of reducing pollution is zero. C. the optimal amount of pollution is greater than zero. D. pollution should be reduced as much as technically feasible.
Adverse selection occurs in the health insurance market because:
A. it is difficult for insurance companies to distinguish between high risk and low risk customers. B. people cannot predict their future health status. C. the least healthy people are the least likely to acquire insurance. D. health care markets are unregulated.