When a monopolist increases the quantity that it sells, price decreases, which, all else equal, decreases total revenue; this is called the price effect
a. True
b. False
Indicate whether the statement is true or false
True
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Research in history and economic history shows that before 1880,
(a) there was some government intervention in the private sector of the American economy. (b) there was substantial federal regulation of private business organization but little influence in the economy otherwise. (c) the regulation and participation that existed were usually of a background nature and were not concerned with the details of day-to-day private business. (d) laissez faire was the rule so far as the federal government was concerned.
According to the World Bank, low-income economies are heavily concentrated in:
a. Europe and Africa. b. Europe and Asia. c. Asia and Africa. d. Asia and Australia. e. North America and Australia.
Maury did not work last week because fire forced an evacuation of his workplace. The Bureau of Labor Statistics counts Maury as
a. unemployed and in the labor force. b. unemployed and not in the labor force. c. employed and in the labor force. d. employed and not in the labor force.
Because increases in input prices eventually make it to consumers when they buy the final product, the PPI:
A. is considered a good predictor of future consumer prices. B. accounts for inflation before it reaches consumers, adjusting the CPI downward. C. is a lag variable for inflation. D. accounts for inflation before it reaches consumers, adjusting the CPI upward.