Compared to the perfectly competitive firm, the monopolist's input demand curve is
A. more inelastic.
B. more elastic.
C. due to a constant per-unit price of the product.
D. marginal factor cost.
Answer: A
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Making bread at home would be more efficient than making it in commercial bakeries
A) for people who place a sufficiently high value on home baked bread. B) if the ingredients used to make bread increased sufficiently in price. C) if the price of bread made in commercial bakeries did not reflect the efficiency of bakeries. D) if there were no labor costs in home baked bread.
Suppose that, at an official ticket price of $480, there are 6,000 Justin Timberlake fans wanting to attend his concert, but only 4,000 ticketed seats are available. Which one of the following statements is then TRUE?
A) There will be scalpers outside the arena selling tickets for $480. B) There will be a surplus of tickets. C) The market clearing price of the tickets is less than $480. D) The market clearing price of the tickets is more than $480.
Consider a market characterized by the following inverse demand and supply functions: PX = 40 - 4QX and PX = 10 + 2QX. Compute the surplus received by consumers and producers.
A. $50 and $25, respectively. B. $40 and $20, respectively. C. $20 and $40, respectively. D. $25 and $25, respectively.
The current chair of the Board of Governors of the Federal Reserve System is
A. Jerome Powell. B. Ben Bernanke. C. Janet Yellen. D. Alan Greenspan.