A monopolistic firm is a:
a. price taker that faces the market supply curve.
b. price taker that faces the market demand curve.
c. price maker that faces the market supply curve.
d. price maker that faces the market demand curve.
d
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Which of the following is an example of a durable good?
a. a hair dryer. b. a suit. c. a pair of shoes. d. All of the above are correct.
An offer is the right but not the obligation to buy or sell foreign currency.
a. true b. false
If an economy's factors of production were owned by the government sector and the coordinating activity was done by a government planning board, the economy would be called:
A) capitalism. B) market capitalism. C) command socialism. D) mixed capitalism.
Related to the Economics in Practice on p. 475: If a recovery from a recession is slower than expected, companies like General Motors would likely experience ________ in unplanned inventories and as a result ________ production.
A. increases; increase B. increases; decrease C. decreases; decrease D. decrease; increase