The supply curve for a monopoly is given by
a. the firm's marginal cost curve above the average variable cost curve.
b. the one point on the demand curve that corresponds to the quantity for which price is equal to marginal cost.
c. the entire demand curve above the point where price is equal to average cost.
d. the monopolist does not have a well-defined supply curve.
d
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These are characteristics of a competitive industry, except:
a. Many substitutes b. No barriers to entry c. Homogenous product d. Little or no information on rivals' products
Which of the following is true of firms in both monopolistic competition and perfect competition?
a. Firms face a horizontal demand curve. b. Price exceeds marginal revenue. c. Firms can enter and leave the industry with relative ease. d. Price exceeds marginal cost. e. Products are differentiated.
The government component (G) of total output includes goods and services purchased by
a. the federal government plus transfer payments. b. all government institutions plus transfer payments. c. all government institutions. d. all government institutions plus tax revenues.
If Jane's marginal benefit as a consumer in the jeans market is larger than the price of a pair of jeans:
A. Jane will not purchase any more jeans. B. Jane can benefit by purchasing more jeans. C. the opportunity cost of a pair of jeans is lower than the price. D. Jane will decrease her total utility by purchasing more jeans.