Which of the following statements applies to a single-price monopolist?
A) In order to maximize profits, the monopolist will produce an amount of output that lies in the elastic range of its demand.
B) In order to maximize profits, the monopolist will produce an amount of output that lies in the inelastic range of its demand.
C) In order to maximize profits, the monopolist will produce where its demand is unit elastic.
D) In order to maximize profits, the monopolist will produce an amount of output in the inelastic range of its supply.
A
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A monopolistically competitive firm is like a perfectly competitive firm insofar as
A) both face perfectly elastic demand. B) both make an economic profit in the long run. C) both have MR curves that lie below their demand curves. D) both make zero economic profit in the long run.
When tax code changes reduce saving incentives, the interest rate will _____ and investment will _____
Fill in the blank(s) with correct word
Why does this graph show an increase in income?
a. area a + c is greater than area b + c
b. area b + c is greater than area a + b
c. area a + b is greater than area b + c
d. area b + c is equal to area a + b
A possible rational reason why older people, on average, show less interest in learning how to use new technologies is because
A. they are acting irrationally. B. the financial cost for older people is greater than the cost to younger people. C. they have fewer years to gain a return from learning how to use new technologies. D. older people are not as smart as (today's) young people.