When marginal revenue is zero for a monopolist facing a downward-sloping straight-line demand curve, the price elasticity of demand is:
a. greater than 1.
b. equal to 1.
c. less than 2.
d. equal to 0.
b
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If the rental rate increases, we know that output and labor input will fall in the long run.
Answer the following statement true (T) or false (F)
Consumer surplus from a given purchase is the difference between what one was willing to pay for that purchase and what was actually paid
What will be an ideal response?
Consumer sovereignty answers which central issue in economics?
a. How will goods be produced? b. Who will produce the goods? c. What goods will be produced? d. For whom will the goods be produced? e. By what method will the goods be produced?
Other things the same, a higher real exchange rate raises net exports
a. True b. False Indicate whether the statement is true or false