One difference between a monopoly and a competitive firm is that
A) a monopoly is a price taker.
B) a monopoly maximizes profit by setting marginal revenue equal to marginal cost.
C) a monopoly faces a downward sloping demand curve.
D) None of the above.
C
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Using the interest rate as a measure of the opportunity cost of holding money, the demand for money curve
A) slopes upward with respect to the rate of interest. B) is not affected by the price level. C) slopes downward with respect to the rate of interest. D) is vertical.
The national debt as a percentage of GDP has remained roughly constant since the end of World War II
a. True b. False Indicate whether the statement is true or false
The CPI in the base year is always equal to 100
Indicate whether the statement is true or false
In the short run, a firm
A. has at least one fixed factor of production. B. can exit an industry, and all of its factors of production are variable. C. can enter an industry where positive profits are being earned. D. Both B and C are correct.