Refer to the above figure. Which of the following statements is true about the demand curves for an individual firm in a perfectly competitive industry and a monopoly?
A) Panel A is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly.
B) Panel C is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly.
C) Panel C is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly.
D) Panel B is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly.
C
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What will be an ideal response?
Suppose the demand curve for a product is downward sloping and the supply curve is upward sloping. If a unit tax is imposed in the market for this product,
A) sellers bear the entire burden of the tax. B) the tax burden will be shared among the government, buyers and sellers. C) the tax burden will be shared by buyers and sellers. D) buyers bear the entire burden of the tax.
Marginal product is defined as
a. the increase in revenue that occurs when an additional unit of a resource is added b. the increase in output that occurs when all resources are increased by the same proportion c. the increase in output that occurs when an additional unit of a resource is added, holding all other resources constant d. the amount of additional resources needed to increase output by one unit when all resources are increased by the same amount e. the amount of additional money needed to increase output by one unit when all resources are held constant
If the U.S. dollar appreciates, it means that
a. the value of the U.S. dollar has decreased b. the value of foreign exchange has increased c. fewer U.S. dollars are required to purchase foreign exchange d. more U.S. dollars are required to purchase foreign exchange e. exports will fall immediately