The demand curve facing a monopolist is
A. horizontal at the market price.
B. identical to the market demand curve for the good.
C. exactly twice as steep as the market demand curve for the good.
D. vertical because there are no competitors.
Answer: B
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Among the problems encountered when time series analysis is used to estimate cost functions is
A) that technological changes may have occurred. B) that accounting changes may have occurred during the period analyzed. C) that some costs are recorded on the books of account at a time other than when they are incurred. D) All of the above
In the game in Scenario 13.7, the strategy pair that pays
A) $69,000 to each player is the only equilibrium. B) ($0, -$1000 ) is the only equilibrium. C) (-$1000, $0 ) is the only equilibrium. D) $0 to each player is the only equilibrium. E) $69,000 to each player and the strategy pair that pays $0 to each player are equilibria.
Which of the following best describes what will happen to equilibrium if large numbers of people cancel cable television subscriptions in exchange for subscriptions to on-demand movies and televisions providers like Netflix and Hulu?
a. A change in tastes away from cable television causes a leftward shift in the demand curve, a decrease in the equilibrium quantity, and an increase in the equilibrium price. b. A change in tastes away from cable television causes a rightward shift in the demand curve, a decrease in the equilibrium quantity, and a decrease in the equilibrium price. c. A change in tastes away from cable television causes a leftward shift in the demand curve, an increase in the equilibrium quantity, and a decrease in the equilibrium price. d. A change in tastes away from cable television causes a rightward shift in the demand curve, a decrease in the equilibrium quantity, and a decrease in the equilibrium price.
Which point would represent an unattainable combination of resources?
A. Point A
B. Point D
C. Point C
D. Point E