Assuming demand is linear, the shape of a monopolist's total revenue schedule is a
A. curve from the origin with decreasing slope.
B. straight line with negative slope.
C. curve from the origin with increasing slope.
D. straight line passing through the origin.
Answer: A
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If Microsoft wanted to prove to the Justice Department that its Windows software has many substitutes that personal computer owners can use, Microsoft hopes to find
A) that the demand for Windows is inelastic. B) that the demand for Windows is elastic. C) a large positive value for the cross elasticity of Windows and other software. D) a negative income elasticity for Windows. E) a positive income elasticity for Windows.
Vertical integration is
a. the expansion of a firm into earlier or later stages of production b. an attempt by a firm to allow market prices to coordinate more transactions c. an attempt by a firm to minimize shirking d. an attempt by a firm to minimize the need to coordinate transactions within its boundaries e. a way for a firm to accumulate information about its competitors
In 2011, the top 20% of US families had more than times as much income as the bottom 20%
Fiscal policy refers to:
A. government policies aimed at changing the underlying structure or institutions of the economy. B. decisions to determine the government's budget. C. policy directed toward increasing exports and reducing imports. D. the determination of the nation's money supply.