The more substitutes there are for a monopolist's product
A) the less elastic is the demand curve.
B) the more elastic is the demand curve.
C) the steeper is the demand curve.
D) the more positively sloped the demand curve becomes.
B
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The two sector flow model represents a good way to see how GDP is counted. What are the two methods or approaches to counting GDP?
What will be an ideal response?
Suppose the reserve requirement is 5 percent. If reserves fall by 100, the money supply will decline by:
A. 100. B. 200. C. 1,000. D. 2,000.
Which of the following will not cause the demand for product K to change?
A. A change in the price of close-substitute product J. B. An increase in incomes of buyers of product K. C. A change in the price of product K. D. A change in consumer tastes for product K.
Michael Dell was the first individual who sold computers by mail order. The company founded by Dell is now one of the largest and most successful computer companies in the United States. Michael Dell would be classified as a(n)
A. socialist. B. monopolist. C. entrepreneur. D. opportunist.