The second number in any ordered pair is
a. the x-coordinate.
b. the y-coordinate.
c. the horizontal location of the point.
d. the slope.
b
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For a resource in a perfectly competitive market, marginal revenue product is equal to the price of the resource
a. True b. False
A monopolist is a price maker who will lose some business if the price is increased.
Answer the following statement true (T) or false (F)
As prices rise, people will buy fewer goods and services because
a. the interest rate has declined. b. aggregate demand has increased. c. the purchasing power of the fixed quantity of money has declined. d. the income of households has increased.
Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:
A. charge a lower price than the perfectly competitive firm. B. charge a higher price than the perfectly competitive firm. C. charge the same price as the perfectly competitive firm. D. refuse to operate in the short run unless an economic profit could be made.