Unlike a perfectly competitive firm, a monopolist
a. can choose how much output to produce.
b. cannot increase production without affecting the price she receives for her good.
c. usually sells in a market with a downward-sloping demand curve.
d. has an MR from increasing output by one unit equal to the price of his product.
b
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Product differentiation:
a. refers to the attempt of firms to make their products look like those of the other firms in the industry. b. refers to the attempt of firms to make real or apparent differences in essentially substitutable products look different in the minds of the consumers. c. refers to the advantage big firms have in research and development. d. is a common characteristic of a perfectly competitive market structure. e. is only employed in a monopoly market structure.
The demand curve depicts quantities demanded that have been gathered as prices have changed over time
a. True b. False Indicate whether the statement is true or false
The "quantitative easing" policies of the Fed during, and following, the financial crisis of 2008-2009, resulted in
a. rapid growth of both the money supply and nominal GDP. b. rapid growth of the money supply and a substantial increase in the rate of inflation. c. low interest rates and a sharp decline in the velocity of the money supply. d. low interest rates and a sharp increase in the velocity of the money supply.
Which statement most closely reflects the viewpoint of Karl Marx?
A. Whoever controls a society's capital controls that society. B. By pursuing his own interest, a business owner frequently promotes that of the society more effectually than when he really intends to promote it. C. The capitalist, who has saved for years to buy his machinery and factory is entitled to all the profits he earns. D. The worker and the capitalist are both exploited by the government.