A monopolist is a price taker, just like a perfect competitor
a. True
b. False
Indicate whether the statement is true or false
False
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Use the figure below to answer the following question.
At equilibrium, producer surplus is
A. 300. B. 150. C. 200. D. 400.
All else equal, the price elasticity of demand for a good tends to be lower:
A. in the long run. B. if the good represents a large share of a consumer's budget. C. if the good has few close substitutes. D. if the good has many close substitutes.
An upward-sloping labor supply curve implies that
A. a firm can always hire more workers, even without increasing the wage. B. more workers are willing to work as the market wage increases. C. more workers are willing work when wages are low. D. the labor supply is fixed. E. there is a continuously increasing demand for labor.
Suppose the rest of the world experiences an expansion that causes an increase in foreign income (Y*). From the domestic economy's perspective, this increase in foreign income will cause which of the following as the domestic economy adjusts to the rise in Y*?
A) an increase in domestic income B) an increase in imports C) an increase in net exports D) all of the above E) both A and C