The marginal revenue of a monopolist is
A. less than price because a monopolist is a price taker.
B. less than price because to sell more output the firm must reduce the price on all units sold.
C. above price because the firm is a price setter.
D. always equal to price.
Answer: B. less than price because to sell more output the firm must reduce the price on all units sold.
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The demand for slaves was increasing more rapidly in cities than on plantations
Indicate whether the statement is true or false
In the long run, the most important source of increase in a nation's standard of living is a: a. zero rate of population growth. b. high rate of economic growth. c. high rate of consumption
d. high rate of labor force growth.
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