The individual firm's demand curve facing a monopoly is
A. nonexistent.
B. the summation of all perfectly competitive firms' demand curves.
C. also the market demand curve.
D. the marginal cost curve above minimum average variable cost.
Answer: C
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The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that
A. expansion of output in one industry means expansion cannot occur in another industry. B. expansion of output in one industry means output in another industry must contract. C. output cannot be increased in any industry. D. output of all industries must contract until more resources are found.
If the demand faced by a firm is elastic, selling one less unit of output will:
a. increase revenue. b. decrease revenue. c. keep revenues constant. d. decrease price.
Which factor of production accounts for the highest percentage of the income that the production process generates in the US?
a. Capital b. Natural Resource c. Land d. Labor
Firms seek to maximize:
A. per unit profit. B. total revenue. C. total profit. D. market share.