If the demand for a monopoly's output shifts rightward, the change in quantity produced is NOT predictable because
A) the monopoly is a profit maximizer.
B) the monopoly is a price taker.
C) the monopoly has no supply curve.
D) the monopoly's marginal cost curve might not be upward sloping.
C
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Suppose Bob owns two factories that are located several hundred miles apart. Bob decides to manage one of the plants himself, and he hires another person to manage the second plant
For purposes of operating the second plant, who is the agent and who is principal? A) Bob is the agent and the manager is the principal. B) Bob is the principal and the manager is Bob's agent. C) Both Bob and the manager are principals. D) We need more information to determine the identities of the principal and the agent in this case.
A demand schedule is a table showing how the ____ of some product during a specified period of time changes as ____ changes, holding all other determinants of quantity demanded constant
a. demand; the price of its complement b. demand; the quantity supplied c. quantity demanded; the price of its substitute d. quantity demanded; the price of that product
PriceQuantity DemandedQuantity Supplied$02000$115040$210080$350120$40160 Refer to the table. If the current price in this market is $3 then there is
A. excess demand and pressure on the price to fall. B. excess supply and pressure on the price to fall. C. excess demand and pressure on the price to rise. D. excess supply and pressure on the price to rise.
Given the same price elasticity of supply, sellers would be able to pass along the largest portion of a 10 percent tax on which item?
A. D.Fish with a price elasticity of demand of 0.12 B. Pork with a price elasticity of demand of 0.73 C. Beef with a price elasticity of demand of 0.62 D. Chicken with a price elasticity of demand of 0.32