As a price searcher, a monopoly firm
A) must only determine the price it charges.
B) must determine its optimal price-output combination.
C) must determine its output level and then accept the market price for its product.
D) must determine the prices it pays for its inputs and accept the market price for its output.
B
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When the consumer price index is computed, the base year is always the first year among the years being considered
a. True b. False Indicate whether the statement is true or false
The federal government and many state governments gave tax credits to first-time home buyers in 2009 and 2010. An effect of these tax credits was to
A) make the price of houses higher than they would have been without the tax credit. B) lower house prices. C) shift the demand curve for houses leftward. D) b and c E) none of the above
Suppose that at your current consumption of two goods, A and B, MUA/PA = 25 and MUB/PB = 20. In order to maximize, your utility you should:
A. purchase less of A and more of B. B. purchase more of A and less of B. C. leave your spending unchanged. D. purchase less of A and B.
____________is a market structure in which no close substitute products are available
Fill in the blank(s) with the appropriate word(s).