The more inelastic the demand curve, a monopoly
A) will have a smaller Lerner Index.
B) will face a lower marginal cost.
C) will earn less profit.
D) will lose fewer sales as it raises its price.
D
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Because of the positive externality of vaccinations, economic efficiency would be improved
A) if more people were vaccinated. B) only if no people were vaccinated. C) only if all people were vaccinated. D) if fewer people were vaccinated.
What is the market fundamentals price and how might it differ from the equilibrium price?
What will be an ideal response?
A supply schedule
A. shows what happens to quantity supplied when price is held constant. B. is a table reflecting the inverse relationship between price and quantity supplied. C. can be used to generate a supply curve. D. all of these.
If an additional dollar spent on monitoring would reduce shirking by 10 minutes, then the firm will increase the worker's wage by $1 if this caused
A) shirking to increase by less than 10 minutes. B) shirking to decrease by more than 10 minutes. C) shirking to decrease by less than 10 minutes. D) monitoring to become unnecessary.