For any constant-elasticity market demand curve, a monopolist is profit maximizing regardless of what quantity he produces so long as marginal costs are zero.
Answer the following statement true (T) or false (F)
False
Rationale: This is true only if the constant price elasticity is -1.
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Of the types of business organizations in the United States, partnerships account for the ________ percentage of firms and ________ percentage of profits
A) smallest; neither the largest nor smallest B) smallest; the smallest C) largest; the smallest D) largest; neither the largest nor smallest
When demand is elastic, an increase in price causes the seller's total revenue to:
A. decrease. B. increase. C. fall to zero. D. remain the same.
If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside) the production possibilities curve.
Hypothetical Production Schedule for a Two-Product Economy
(Scenario: Growth Rates) Look at the scenario Growth Rates. According to the rule of 70, how large will China's real GDP per capita be in 20 years?
What will be an ideal response?