Based on the demand and marginal revenue curves for the monopolist, ______.
a. marginal and average revenue are the same thing
b. marginal and average revenue drop at the same rate
c. average revenue drops faster than marginal revenue
d. marginal revenue drops faster than average revenue
d. marginal revenue drops faster than average revenue
You might also like to view...
If potential output for an economy equals $5 billion, and actual output equals $4.5 billion, then this economy has a(n):
A. trade deficit. B. expansionary gap. C. budget deficit. D. recessionary gap.
In the nation of Gonzo, the number of employed is 95 million, the adult population is 125 million, and the number of unemployed is 5 million. Calculate the unemployment rate, the employment rate, and the labor force participation rate in Gonzo
What will be an ideal response?
Nominal GDP in a given year is GDP
A) valued in the prices of the base year. B) valued in the prices of that year. C) adjusted for inflation. D) adjusted for the value of intermediate goods.
The law of demand holds that as prices of goods decrease, people are willing to buy more.
Answer the following statement true (T) or false (F)