In which market type does the firm face the most inelastic demand curve?
A) perfect competition
B) monopolistic competition
C) monopoly
D) oligopoly
C
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Which of the following is likely to shift the demand curve for corn farmers leftward, assuming all else equal?
A) A fall in the productivity of corn farmers due to increased pest attacks B) A rise in the productivity of farmers due to better fertilizers C) A fall in the wage rate of corn farmers D) A rise in the wage rate of corn farmers
If the price elasticity of demand for radios is 2.5 (dropping the minus sign), then a 50 percent reduction in the price of radios will lead to
A. the sale of 200 additional radios. B. the sale of 125 percent more radios than before. C. the sale of 150 percent more radios than before. D. the sale of 25 percent more radios than before.
In Figure 10-5 above, suppose that new tougher environmental regulations require certain industries to accelerate their phase-out of some of their existing equipment and install new types that produce less pollution
Translating this into an effect on d causes a movement of the steady-state point such as from points A) A to B. B) D to B. C) D to C. D) A to C. E) D to A.
The supply of labor in the classical system is a function of the
a. marginal product of labor. b. real wage. c. the public's preference for leisure. d. money wage. e. b and c