In a market characterized by monopoly, the market demand curve is
a. upward sloping.
b. horizontal.
c. downward sloping.
d. vertical.
c
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Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied. This response means that gasoline has
A) an elastic supply. B) an inelastic supply. C) a unit elastic supply. D) an inelastic demand. E) an elastic demand.
The absolute value of the price elasticity of demand for hamburger is higher than that of meat in general
Indicate whether the statement is true or false
A firm's ______ are costs that are incurred even if there is no output. In the short run, these costs _____ as production increases.
A. fixed costs; increase B. fixed costs; do not change C. variable costs; increase D. variable costs; do not change
If a nation restricts trade with other nations, then the most likely effect is:
A. Lower prices of goods and services in the nation B. Increased specialization of production C. Expanded economic wealth of the nation D. Make consumers in the nation worse off