The demand curve of a monopolist is:
a. perfectly price inelastic.
b. downward sloping.
c. perfectly price elastic.
d. upward rising.
b
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Classical economists believe that ________
A) it takes a long time for economic variables to reach equilibrium B) short-run fluctuations are too infrequent and mild to be of much interest C) real variables like output and investment are not determined by nominal variables D) all of the above E) none of the above
Refer to the above diagram. At output level Q :
A. marginal product is rising. B. marginal product is negative. C. marginal product is falling. D. one cannot determine whether marginal product is falling or rising.
In Figure 29.1, the area that represents the amount the consumers pay the producers under perfect competition is
A. OPPCCQPC. B. OFEQmonopoly. C. OFCQPC. D. OPmonopolyBQmonopoly.
Which of the following market structures is characterized by the absence of market power?
A. Oligopoly. B. Perfect competition. C. Monopoly. D. Monopolistic competition.