A monopolist's cost curves will
a. be identical to those of a competitive firm.
b. be higher than a competitive firm's cost curves.
c. be peculiar to the individual producer since there is only one.
d. drop more steeply as output increases.
c
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The calculation of real GDP allows us to
A) separate consumption and investment spending. B) adjust for underground economic activity. C) adjust for the change in the quality of output over time. D) compare national output across periods of time.
Industrial market countries make up about _____ of the world population but produce more than _____ of the world's output
a. 16 percent; 50 percent b. 40 percent; 75 percent c. 40 percent; 58 percent d. 55 percent; 65 percent e. 38 percent; 55 percent
When firms have had to defend themselves against the charge that they have adopted unjustifiably low prices either to drive a competitor out of business or to prevent the entry of a rival, they have been accused of
a. creating a trust. b. conspiracy. c. predatory pricing. d. price discrimination.
According to Thorstein Veblen, a successful businessman would be most likely to demonstrate his worth to others by:
A. purchasing tasteful pieces of art and enjoying them only in private. B. avoiding vulgar displays of wealth such as mansions and expensive cars. C. buying expensive jewels for his trophy wife and showing her off at parties. D. anonymously giving financial support to worthwhile charitable organizations.