The monopolist's marginal revenue is less than price since
A) additional units can only be sold if the price is lowered on all units sold.
B) the demand function is horizontal.
C) average revenue is also less than price.
D) average total cost is declining.
A
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When consumers decide what goods and services the economy produces, they are said to exercise
a. control over production of resources b. control over all economic activity c. the direction of the circular flow d. consumer sovereignty e. control over nonrenewable resources
The present value of $250,000 in 10 years at 2 percent interest is approximately:
A. $212,051. B. $205,087. C. $195,085. D. $305,194.
In the decades leading to the Civil War __________ supported high protective tariffs.
A. both the North and the South B. neither the North nor the South C. only the North D. only the South
Means-tested income transfer programs are referred to as
A. In-kind transfer programs. B. Cash transfer programs. C. Social insurance programs. D. Welfare programs.