Graphically which of the following is true for a monopoly?
a. The marginal revenue curve lies below the demand curve and is steeper than the demand curve.
b. The marginal revenue curve lies above the demand curve and is steeper than the demand curve.
c. The marginal revenue curve lies below the demand curve and is flatter than the demand curve.
d. The marginal revenue curve lies above the demand curve and is flatter than the demand curve.
a
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According to real business cycle theory, the primary causes of business cycles are
A) shocks to aggregate demand. B) monetary factors. C) technology shocks. D) waves of self-fulfilling optimism and pessimism.
Which of the following is a social insurance program?
a. Medicaid b. food stamps c. unemployment compensation d. Temporary Assistance for Needy Families e. general assistance
An oligopoly
a. has a concentration ratio of less than 50 percent. b. is a price taker. c. is a type of imperfectly competitive market. d. has many firms rather than just one firm or a few firms.
Approaching income redistribution by taking from the rich and giving to the poor is often referred to as the ______.
a. principle of diminishing utility b. Lorenz Curve c. Gini Coefficient d. Robin Hood approach