The demand curve that a monopolist faces is:
A. the market demand curve.
B. the same as the demand curve that faces a perfectly competitive firm.
C. not affected by changes in the prices of other goods.
D. generally flatter than the demand curve that faces a perfectly competitive firm.
Answer: A
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If quantity of milk is measured on the horizontal axis and quantity of juice is measured on the vertical axis, a decrease in the price of milk will cause the budget constraint to:
A) pivot rightward along the vertical axis. B) pivot rightward along the horizontal axis. C) shift to the left. D) shift to the right.
Actual real GDP this year is expected to exceed last year's by two percent, while the annual growth rate of natural real GDP is three percent. This is enough to lead us to expect that this year's unemployment rate will be
A) below last year's and below the natural rate of unemployment. B) below last year's but still above the natural rate of unemployment. C) below last year's. D) above last year's. E) above last year's and above the natural rate of unemployment.
In the Malthusian model of economic growth
A) Per capita consumption affects birth rates and death rates. B) Per capita consumption affects birth rates but not death rates. C) Per capita consumption affects death rates but not birth rates. D) Per capita consumption is always constant.
The threat of a large fine for failure to pay income taxes is an example of
A) the excessive power of the Internal Revenue Service. B) the ineffectiveness of incentives to get people to pay their taxes. C) a negative incentive to get all people to pay taxes. D) people failing to consider all the benefits the government provides them.