At any point where a monopolist's marginal revenue is positive, the downward-sloping straight-line demand curve is:
a. perfectly elastic.
b. elastic, but not perfectly elastic.
c. unit elastic.
d. inelastic.
b
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During World War II, the distribution of income shifted. Who did this shift favor?
(a) Labor (b) The idle and wealthy class (c) The government (d) Foreign-born individuals
To maximize cartel profit, the members must allocate output so that the marginal cost for the final unit produced by each firm is
a. identical b. unequal c. negative d. equal to the firm's average total cost e. maximized
Your classmates from the University of Chicago are planning to go to Miami for spring break, and you are undecided about whether you should go with them. The round-trip airfare is $600, but you have a frequent-flyer coupon worth $500 that you could use to pay part of the airfare. All other costs for the vacation are exactly $900. The most you would be willing to pay for the trip is $1,400. Your only alternative use for your frequent-flyer coupon is for your trip to Atlanta two weeks after the break to attend your sister's graduation, which your parents are forcing you to attend. The Chicago-Atlanta round-trip airfare is $450. What is the opportunity cost of using the coupon for the Miami trip?
A. $450 B. $100 C. $500 D. $550
The overall volume of daily currency trade was __ in 2007.
a. $3.2 billion b. $32 billion c. $320 trillion d. $320 billion