The price elasticity of supply for Good A is equal to 0 . Fifty units of Good A are supplied when its price is $40.0 . If the price of Good A increases to $44.80, its supply will:
a. decrease to 44 units
b. increase to 56 units.
c. increase to 54 units.
d. remain the same at 50 units.
d
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Which of the following statements is correct about the demand curve of the perfectly competitive industry?
A) The demand curve of the perfectly competitive industry is horizontal as are the demand curves facing the individual firms. B) The market demand curve of perfect competition is vertical because the individual consumers are buying a homogeneous product. C) The market demand curve of the perfectly competitive industry is downward sloping while the demand curve facing an individual firm is horizontal. D) The market demand curve of the perfectly competitive industry is downward sloping, so the demand curves of the individual firms are also downward sloping.
The current price of wheat is $10 per bushel, but the equilibrium price of wheat is $5 per bushel. As a result, a. the quantity supplied of wheat exceeds the quantity demanded of wheat at $10 per bushel. b. the equilibrium quantity of wheat exceeds the quantity demanded at the $10 price
c. there is a surplus of wheat at the $10 price. d. All of the above are correct.
Suppose the accompanying table describes the relationship between price and quantity demanded for a monopolist. QuantityPrice1$102$93$84$75$66$57$48$3If the marginal cost of producing each unit of output is $5, then this monopolist's profit-maximizing level of output is ________.
A. 2 B. 5 C. 3 D. 4
The monopolist's total revenue curve is represented graphically by a positively sloped line.
Answer the following statement true (T) or false (F)