________ is an increase in the price level, while ________ is an increase in the price of one good in comparison to other goods and services.
A. A relative price increase; inflation
B. Hyperinflation; inflation
C. Inflation; a relative price increase
D. Inflation; hyperinflation
Answer: C
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If a monopoly wants to sell a larger quantity, it must
A) set a higher price. B) maintain the current price. C) set a lower price. D) implement new technology. E) increase the barrier to entry that protects it.
The demand curve faced by a pure monopolist
A) is the same as its marginal revenue curve. B) is perfectly inelastic. C) lies below the marginal revenue curve. D) is the market demand curve.
If there are strong economies of scale and scope, then society
a. will not be able to prevent overt collusion. b. will benefit from establishing a cartel. c. cannot benefit from regulation of a natural monopoly. d. will not be able to preserve free competition.
Real, rather than nominal, figures are important to use when making comparisons of incomes across time periods because
What will be an ideal response?