The rule of MC = MR does not apply to a monopolist
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is likely to be included in a country's Gross Domestic Product in a particular year?
A) An unsold inventory of automobiles produced in that year B) The total amount steel used in the production of automobiles in that year C) The total amount of flour used by bakeries to make bread in that year D) An unused stock of goods produced in the previous year
If there is a surplus of a good, the quantity demanded is ________ the quantity supplied and the price will ________
A) equal to; fall B) less than; rise C) less than; fall D) greater than; fall E) greater than; rise
If a monopoly is price discriminating between two groups, A and B, based on observable customer characteristics, there is a difference in the marginal cost of selling to the two groups, and the elasticity of demand for group A is -1.5 while the elasticity of demand for group B is -2.1, which of the following is true?
A. The markup and price for group A customers will be higher than for group B customers. B. The markup and price for group B customers will be higher than for group A customers. C. The markup for group A customers will be higher than for group B customers, but there is not enough information to determine which price will be higher. D. The price for group A customers will be higher than for group B customers, but there is not enough information to determine which markup will be higher.
The equation of exchange states that the quantity of money multiplied by the velocity of money equals: a. real Gross Domestic Product
b. the price level. c. nominal Gross Domestic Product. d. the turnover rate. e. the demand for money.