For a monopolist, price
A. can be greater than or less than marginal revenue.
B. is greater than marginal revenue.
C. is less than marginal revenue.
D. equals marginal revenue at all output levels.
Answer: B
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Price wars can be the result of
A) a cooperative equilibrium. B) a firm playing a tit-for-tat strategy in which last period the competitors complied with a collusive agreement. C) new firms entering the industry and immediately agreeing to abide by a collusive agreement. D) new firms entering an industry and all firms then finding themselves in a prisoners' dilemma.
The law of supply indicates that, other things equal:
A. producers will offer more of a product at high prices than at low prices. B. the product supply curve is downsloping. C. consumers will purchase less of a good at high prices than at low prices. D. producers will offer more of a product at low prices than at high prices.
Inflation is an increase in
A. real gross national product. B. the price of one item. C. the overall price level. D. the average income level.
Recessions are associated with budget deficits
a. True b. False