The individual firm's demand curve facing a monopoly is
A. the marginal cost curve above minimum average variable cost.
B. also the market demand curve.
C. nonexistent.
D. the summation of all perfectly competitive firms' demand curves.
Answer: B
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A perfectly competitive firm can
A) sell all of its output at the prevailing market price. B) set a higher price to customers who are willing to pay more. C) raise its price in order to increase its total revenue. D) sell additional output only by lowering its price. E) usually not sell all the output it produces, but still "over-produces" because there are some periods when it can sell the extra output at very profitable prices.
The primary goal of economics is to help people make money
a. True b. False Indicate whether the statement is true or false
Firms should hire additional units of a resource as long as the
a. marginal product of the resource exceeds the price of the resource multiplied by the quantity of output produced. b. marginal product of the resource is less than the price of the resource. c. price of the output produced is positive. d. marginal revenue product of the resource exceeds the cost of employing an additional unit of the resource.
The Board of Governors consists of seven members elected by the public every four years.
a. true b. false