As a monopolist expands its output:
A) the difference between the demand curve and the marginal revenue curve decreases.
B) the difference between the demand curve and the marginal revenue curve increases.
C) the slope of the demand curve decreases, while the slope of the marginal revenue curve increases.
D) the slope of the demand curve increases, while the slope of the marginal revenue curve decreases.
B
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The average tax rate faced by an individual is the ________
A) total tax paid by her divided by the total income earned B) total revenue received by the government divided by the number of taxpayers C) percentage of the last dollar earned that a household pays as a tax D) difference between the highest tax rate and the lowest tax rate
Inflation does the greatest harm to money's function as a
A) medium of exchange. B) unit of account. C) store of value. D) liquid asset.
The assumption that nothing changes EXCEPT the variables being studied is
A) the ceteris paribus assumption. B) the rationality assumption. C) positive economic analysis. D) normative economic analysis.
A temporary embargo on oil from Saudi Arabia going in to the United States would
A. shift only the long-run aggregate supply curve to the left. B. shift both the short-run and long-run aggregate supply curves to the left. C. shift the long-run aggregate supply curve to the right. D. shift only the short-run aggregate supply curve to the left.