One feature of pure monopoly is that the demand curve:
A. Is vertical
B. Is horizontal
C. Slopes upward
D. Slopes downward
D. Slopes downward
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The accompanying figure shows the production possibilities curve for the island of Genovia:
The opportunity cost of producing a car in Genovia is:
A. 50 tons of agricultural products. B. 5 tons of agricultural products. C. 5,000 tons of agricultural products. D. 500 tons of agricultural products.
Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 How many units of output can be produced when one unit of labor is employed in Table 21.3?
A. 36. B. 66. C. 30. D. 0.
Suppose that 90 percent of the firms selling good X charge the low price. If the remaining 10 percent of firms charge $50 per unit and the expected benefit of an additional search is $10, then the lowest price in the market for good X is:
A. $38.89. B. $10. C. $45. D. $0.
What is one of the major welfare challenges today and how is it being tackled in the United States?
What will be an ideal response?