The demand curve for a monopoly's product is
A) the market demand for the product.
B) more elastic than the market demand for the product.
C) more inelastic than the market demand for the product.
D) undefined.
Answer: A
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Suppose you are thinking about spending an additional hour studying for your next microeconomics exam. You should spend that extra hour studying as long as
A. the extra study time leads to a higher grade on the exam. B. your only other alternative is spending an hour reading a novel. C. the benefit of an additional hour of study is greater than what you have to give up in order to study one more hour. D. you enjoy studying microeconomics.
Macroeconomics is most likely to be concerned with the:
A) amount of unemployment in a specific industry. B) economic behavior of a particular household. C) economic behavior of specific parts or units of the economy. D) aggregates in the economy.
Basing decisions on marginal cost and marginal benefit means that people should:
A. take no chances. B. weigh the costs and benefits and make the choice that provides the highest net cost. C. weigh the costs and benefits and make the choice that provides the highest net benefit. D. make only Pareto optimal choices.