Which statement is definitely true about shelter in the graph below? 
A. The demand curve is negatively sloped over the price range shown.
B. It is an inferior good throughout the range shown.
C. It is clearly a normal good throughout the range shown.
D. The income and substitution effects must be shown before any of these statements can be definitely true.
Answer: A
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All large firms have monopoly power.
Answer the following statement true (T) or false (F)
Which of the following is not true about a profit-maximizing monopolist?
a. The monopolist faces the downward-sloping market demand curve. b. The monopolist always earns an economic profit. c. The price of output exceeds marginal revenue. d. The monopolist chooses output where marginal revenue equals marginal cost. e. All of these are true.
A laissez-faire economy has
A. very little government regulation of the economy. B. rules that promote social equality. C. a centrally planned economy. D. a large amount of government regulation.
In the figure above, the demand is unit elastic
A) at the point where the price is $3.00 per cup B) at the point where the price is $2.00 per cup C) at the point where the price is $4.00 per cup D) at the point where the price is $2.50 per cup E) at all points along the demand curve