To sell more units, a monopolist must
A) merely produce more units.
B) advertise more.
C) produce the profit maximizing rate of production.
D) lower price.
D
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The supply of sand is perfectly inelastic and the demand curve for sand is downward sloping. Hence, if a tax on sand is imposed,
A) sand buyers pay the entire tax. B) sand sellers pay the entire tax. C) the tax is split evenly between the buyers and sellers. D) the government pays the entire tax. E) the government collects no tax revenue because the supply is perfectly inelastic.
Refer to Figure 7-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 28 million pounds of which 18 million pounds are imports. B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports. C) Domestic consumption equals 40 million pounds of which 22 million pounds are imports. D) Domestic consumption equals 34 million pounds of which 16 million pounds are imports.
The number of transactions a typical dollar is used in during a given period is called the:
A. transaction velocity. B. transaction rate. C. quantity theory of money. D. velocity of money.
If the demand for sardines increases as income decreases, sardines are a(n)
A. normal good. B. complementary good. C. substitute good. D. inferior good.