The main difference between the price-quantity graph of a perfectly competitive firm and a monopoly is
A) that the competitive firm's demand curve is horizontal, while that of the monopoly is downward sloping.
B) that a monopoly always earns an economic profit while a competitive company always earns only normal profit.
C) that a monopoly maximizes its profit when marginal revenue is greater than marginal cost.
D) that a monopoly does not incur increasing marginal cost.
A
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In the United States, imports and exports make up more than half of GDP
Indicate whether the statement is true or false
According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.
Which of the following is an example of a temporary price differential in a resource market?
a. land downtown is more expensive than land in the suburbs b. a superstar professional basketball player is paid more than the average professional player c. cable television installers have a higher wage than telephone installers d. an airline pilot is paid more than a flight attendant e. a worker in a toxic waste plant earns more than a teacher
Which of the following will increase the level of human capital in an economy?
A. An increase in land mass. B. A decrease in the population. C. An increase in literacy rates. D. An increase in factory capacity.