For a monopolist, P < MR at all quantities
a. True
b. False
B
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Suppose firms in a monopolistically competitive industry are currently earning short-run economic profit. In the long run, the demand curve facing each individual firm is likely to:
a. shift to the left and become flatter. b. shift to the left and become steeper. c. shift to the right and become flatter. d. shift to the right and become steeper. e. remain unchanged.
The idea that in the market system, consumers ultimately decide which goods and services firms will produce is known as
A) socialism. B) monopolistic competition. C) consumer sovereignty. D) institutional competition.
Automatic stabilizers:
What will be an ideal response?
A model
A. is a complete representation of some phenomenon. C. is always expressed mathematically. D. cannot be qualitative in nature.