A monopolist's demand curve is
A) perfectly elastic.
B) perfectly inelastic.
C) of unit elasticity throughout.
D) the industry demand curve.
Answer: D
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Assume that excess reserves are $10 million, demand deposits are $500 million, and total reserves are $135 million. The required reserve ratio is
A) .05. B) .1. C) .2. D) .25.
Frictional unemployment would increase when
A) migrant workers are unemployed after harvest season. B) the number of individuals who quit one job to find another increases. C) discouraged workers drop out of the work force. D) workers are replaced by machines in production.
Give an example of something that is scarce in your life and explain the choices you've made because of scarcity.
What will be an ideal response?
Suppose that inventories were $80 billion in 2012 and $70 billion in 2013. In 2013, national income accountants would:
A. add $10 billion to other elements of investment in calculating total investment. B. subtract $10 billion from other elements of investment in calculating total investment. C. add $75 billion (= $150/2) to other elements of investment in calculating total investment. D. subtract $75 billion (= $150/2) from other elements of investment in calculating total investment.