When the marginal cost curve of the monopolist shifts upward, there will be
A) an increase in both price and quantity.
B) an increase in price but a decrease in quantity.
C) a decrease in price and in marginal revenue.
D) a decrease in quantity and a decrease in marginal revenue.
Answer: B
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The price elasticity of demand for a good tends
A) not to vary over time because people adjust to changed circumstances. B) to be greater over the long run than over a short period of time. C) to be less over the long run than over a short period of time. D) to rise when the demand increases. E) toward unity in the long run.
Small savers who only have enough money to buy a few individual financial assets can use ________ to diversify
A) mutual funds B) one company's bonds C) Treasury securities D) one company's stock
According to the classical model, more saving leads to more investment because
A) the people who save are the same people who invest. B) the interest rate adjusts to keep investment equal to saving. C) saving and investment are two sides of the same activity. D) the interest rate is set by the federal government.
Demand price elasticity measures:
a. how much supply will change as price changes. b. how consumers change their purchases in response to a change in income. c. how consumers change their purchases in response to a change in the price of a substitute good. d. how consumers change their purchases in response to a change in the price of a product. e. the change in price brought about by a change in consumer demand.