The demand curve a monopolist faces:
a. is more elastic than a perfectly competitive firm's demand curve.
b. is the market demand curve.
c. is as elastic as a perfectly competitive firm's demand curve.
d. is not affected by the prices of complements.
e. will not shift in response to a change in consumer tastes.
b
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Which of the following would be a macroeconomic question?
A) How has the price of gold increased over time? B) How has the number of commercial airline flights decreased over time? C) How have the retirement benefits in the auto industry changed over time? D) How has inflation increased over time?
If the world economy expands so that foreign demand for U.S.-made goods increases, in the short run what will happen to aggregate demand, the price level, and real GDP in the U.S.?
What will be an ideal response?
If a country's working-age population declines and its wealth increases, then the labor supply curve
A) shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population. B) shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population. C) shifts to the left. D) shifts to the right.
Assume the graph shown shows Bobbi's budget constraint. If hairbands cost $5, then Bobbi's income to spend on these two items must be:
A. $8.
B. $6.
C. $40.
D. Cannot be determined without more information.