What does price stability mean?
a. Constant inflation over a given period of time.
b. No price changes for any good or service during a given period of time.
c. Low, non-volatile rates of inflation.
d. Low, volatile rates of inflation.
e. None of the above.
.C
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If a monopolist engages in price discrimination, it will:
A. charge a competitive price to all its customers. B. charge a higher price where individual demand is inelastic and a lower price where individual demand is elastic. C. produce a smaller output than when it did not discriminate. D. realize a smaller profit.
A company _____ benefit from related industries that are internationally competitive and can spill over into the company.
Fill in the blank(s) with the appropriate word(s).
Marginal cost is equal to average variable cost
A) when average variable cost is at its minimum value. B) when marginal cost is at its minimum value. C) when average variable cost is getting smaller. D) when average variable cost is getting larger.
The fact that a monopoly has to take the shapes of marginal cost AND marginal revenue into account when making decisions is reflected in the fact that
A) monopolies don't have a supply curve. B) monopolies don't have a demand curve. C) monopolies have the same supply curve as perfectly competitive firms. D) monopolies maximize profit.