On a linear demand curve, demand is ________ at small quantities than it is at the middle of the demand curve.
A. more elastic
B. less elastic
C. equally elastic
D. There is insufficient information in the question.
Answer: A
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Sensitivity analysis of the results may include the following with the exception of
A) stability over time analysis of the estimated multipliers. B) using homoskedasticity only rather than HAC standard errors. C) investigation of omitted variable bias. D) looking at different computations of the HAC standard errors.
All of the following are problems associated with maintaining a cartel except that:
a. cartels are illegal. b. a large amount of information is needed to coordinate a cartel. c. profits are not maximized by a cartel so it will evolve into a monopoly. d. each member of the cartel has an incentive to "chisel" by expanding output.
Which of these sets of countries has the greatest degree of internal corruption as of 2012, according to Transparency International?
A. Somalia, Afghanistan, and Venezuela. B. Finland, Denmark, and New Zealand. C. United States, Greece, and Italy. D. Mexico, China, and India.
A monopoly definitely incurs an economic loss if
A) it produces where its marginal revenue equals its marginal cost. B) its average total cost is greater than price. C) it cannot perfectly price discriminate. D) it price discriminates. E) The statement errs because a monopoly cannot incur an economic loss.