The term "price setter," which describes monopolists, means that a monopolist does not simply take the market price as given but sets its own price within the confines of consumers' willingness to pay
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 2-10. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 46 thousand forks B) 60 thousand spoons C) 16 thousand spoons D) 12 thousand forks
Economics is the study of
a. how to make money. b. choices in a world of scarcity. c. how to distribute unlimited production among limited wants. d. All of the above.
Nominal GDP in a country was $8759.9 billion in 2014 and $9254.6 billion in 2015. The GDP deflator was 102.86 for 2014 and 104.37 for 2015
(a) What is the growth rate of nominal GDP between 2014 and 2015? (b) What is the inflation rate from 2014 to 2015? (c) What is the growth rate of real GDP from 2014 to 2015?
Let supply be given by Q = -7.5 + 0.5P and demand by Q = 10 - 0.2P. Suppose we now place a tax of $7 per unit of output on the seller. The new equilibrium price will be:
A. 10 B. 30 C. 37 D. 4