Which of the following is ALWAYS true for a profit-maximizing single-price monopolist?
A) P = MC
B) P = MR
C) MR = MC
D) MC = ATC
C
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If the nominal GDP of a country in the year 2005 was$25 trillion and the GDP deflator (relative to the base year 2000 . was 125, the real GDP of this country was _____
a. $25 trillion b. $5 trillion c. $20 trillion d. $125 billion
If nominal GDP is $12 trillion and real GDP is $10 trillion, then the GDP deflator is
a. 83.33, and this indicates that the price level has decreased by 16.67 percent since the base year. b. 83.33, and this indicates that the price level has increased by 83.33 percent since the base year. c. 120, and this indicates that the price level has increased by 20 percent since the base year. d. 120, and this indicates that the price level has increased by 120 percent since the base year.
Briefly explain the difference in the demand curves of monopolies and perfectly competitive firms.
What will be an ideal response?
What do you have to know to calculate the price elasticity of demand?
a. how much of the good was purchased at each of two different prices b. the price elasticity of supply c. how many firms supply the good d. the portion of income the typical consumer spends on the good