Monopolies are characterized by a firm demand curve that is more elastic than the market demand curve.
Answer the following statement true (T) or false (F)
False
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The lower the level of income in a country, the
A) less income elastic is the demand for food. B) more income elastic is the demand for food. C) more negative the income elasticity of the demand for food. D) Both answers A and C are correct. E) None of the above is correct.
Which of the following claims is most likely to suffer from reverse causality?
A) Higher income increases consumption. B) Relatively wealthy people tend to be relatively healthy. C) More hours of study is likely to lead to better results. D) Crime rate is seen to be lower in countries having a higher level of poverty.
Which of the following is true about sole proprietorship in the United States?
a. It is the most common form of business organization. b. It is responsible for a large portion of total production of goods and services. c. It offers the owner the least personal liability of any form of business organization. d. There is no opportunity cost to operating the business. e. Only one individual can work in such a firm.
If the federal government began granting a subsidy of 10 cents per apple to apple growers and as a result the price of apples to consumers falls by 8 cents,
a. the actual benefit of this subsidy goes mostly to consumers. b. the actual benefit of this subsidy goes mostly to producers. c. the actual benefit of this subsidy would be shared equally by producers and consumers. d. nobody would benefit from the subsidy.