When a second firm enters a monopolist's market,
A. the monopolist's demand curve decreases.
B. the monopolist's demand curve increases.
C. the monopolist's supply curve decreases.
D. the monopolist's supply curve increases.
Answer: A
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If the equilibrium price level is 135 but the actual price level is 150, then
A) firms increase their production because they are able to sell their output at a higher than expected price. B) aggregate demand will decrease to restore equilibrium. C) aggregate demand will increase to restore equilibrium. D) the quantity of real GDP demanded is less than the quantity of real GDP supplied. E) the quantity of real GDP demanded is greater than the quantity of real GDP supplied.
The monopolist that maximizes profit
A) imposes a cost on society because the selling price is above marginal cost. B) imposes a cost on society because the selling price is equal to marginal cost. C) does not impose a cost on society because the selling price is above marginal cost. D) does not impose a cost on society because price is equal to marginal cost.
Term limits on political offices have all of the following properties except:
A. prevent officials from holding office for longer than a certain amount of time. B. discourage corruption by ensuring that one person isn't allowed to hold onto power for too long. C. can encourage corruption in reality by placing an official in power with no incentive to answer to his constituency. D. encourage people to run for multiple different political offices.
The production possibilities frontier is a graph that shows the various combinations of outputs that the economy can possibly produce given the available factors of production and the available production technology
a. True b. False Indicate whether the statement is true or false