A single-price monopolist is
a. able to use price discrimination to increase profits
b. protected from competition by patents and copyright laws
c. one that charges the same price for all units of output
d. illegal in the United States
e. less efficient than a multi-price monopoly
C
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Consider the market for cellular phones. Which of the following shifts the demand curve leftward?
A) studies showing using cellular phones can cause brain cancer B) a decrease in the price of cellular phones C) a decrease in the quantity demanded of cellular phones D) an increase in the services provided by cellular phones, such as text messaging E) an increase in the price of cellular phones
A bank failure is less likely to occur when
A) a bank holds less U.S. government securities. B) a bank suffers large deposit outflows. C) a bank holds fewer excess reserves. D) a bank has more bank capital.
If the U.S. enjoys an absolute advantage in agriculture compared to every other country in the world, then
A. agricultural production will take place only in the U.S. B. the U.S. necessarily has a comparative advantage in agriculture. C. the U.S. may or may not have a comparative advantage in agriculture. D. the U.S. necessarily does not have a comparative advantage in agriculture.
When quantity supplied is very responsive to a change in price, supply is
A) elastic. B) unit-elastic. C) inelastic. D) income sensitive.