The above diagram implies that whenever a firm's demand curve is downsloping:
A. price discrimination is not possible.
B. monopolists will be more efficient than competitors.
C. marginal revenue is less than price.
D. the demand and marginal revenue curves will coincide.
Answer: C
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If 160 million people are employed, 15 million people are unemployed, and the population is 280 million people, the unemployment rate is
A) 57 percent. B) 62.5 percent. C) 8.6 percent. D) 9.4 percent. E) not possible to calculate without data on the labor force.
Suppose we want to know how much money your grandparents would have to earn now to have purchasing power equivalent to their income in 1969. We could:
A. translate their nominal income in 1969 into constant, real dollars of today. B. translate their nominal income today into 1969 dollars. C. take a ratio of their income today with their income from 1969. D. None of these statements is true.
Which of the following is a public good?
A. public defense B. public television C. a library D. schools E. all of these answer options are correct.
Refer to the following payoff matrix:Player 1Player 2??Low QHigh Q?Low Q$10,$35$25,$30?High Q$30,$7$20,$6Suppose the production game depicted in the payoff matrix is a sequential-move game. Identify the strategy leading to a first-mover advantage for player 2.
A. Player 2 moves first and plays High Q. Observing player 2's move, player 1's best response is to play Low Q. B. Player 2 moves first and plays High Q. Observing player 2's move, player 1's best response is to play High Q. C. Player 2 moves first and plays Low Q. Observing player 2's move, player 1's best response is to play Low Q. D. Player 2 moves first and plays Low Q. Observing player 2's move, player 1's best response is to play High Q.