The fact that a single-price monopolist must lower its price to sell more output explains why price exceeds marginal revenue
a. True
b. False
A
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Suppose that the total production of an economy consists of 10 oranges and 5 candy bars, each orange sells for $0.20, and each candy bar sells for $1.00. Which expression of the output of this economy is most consistent with the concept of GDP?
A. This economy produces food valued at $1.20. B. This economy produces $7.00 worth of food. C. This economy produces 15 food items. D. This economy produces two-thirds oranges and one-third candy bars.
Oligopolies are industries containing only a few large firms
A. whose decisions are consciously linked. B. and each faces a horizontal demand curve. C. that can ignore other firms' reactions as they price, produce, and market their goods. D. but each firm is small relative to the market.
The "interest-only" mortgage typically converts later to a
A. traditional mortgage with a higher payment. B. traditional mortgage with a lower payment. C. "exotic" mortgage with a lower payment. D. "negative-amortization" mortgage with a lower payment.
What is the total demand for goods and services in an entire economy called?
A. consumer demand B. aggregate demand C. supply and demand D. GDP demand