A monopolist ________ if it chooses to sell fewer units of output.
A. can set its price wherever it desires
B. can increase the price
C. must decrease the price
D. cannot change the price
Answer: B
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Ramen noodles are likely considered
A) a normal good. B) an inferior good. C) to have inelastic demand. D) to have perfectly elastic demand.
Average product measures:
A. the quantity of output produced per unit of input. B. the additional output created from an additional unit of input. C. the marginal product averaged across all inputs. D. All of these are true.
Unemployment compensation programs tend to increase the unemployment rate because: a. they increase the opportunity cost of leisure
b. they provide benefits only to unemployed people under the age of 18. c. they legally fix the minimum wage that has to be paid to labor. d. they allow unemployed persons to become more selective in what job offer they accept. e. they do not provide benefits to labor engaged in the manufacturing sectors of the economy.
A tax cut shifts aggregate demand
a. by more than the amount of the tax cut. b. by the same amount as the tax cut. c. by less than the tax cut. d. None of the above is necessarily correct.