In general, with a monopolist's outcome, total surplus is:
A. higher than that of a competitive market.
B. lower than that of a competitive market.
C. the same as that of a competitive market.
D. Any of these is possible.
B. lower than that of a competitive market.
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Looking at historical evidence for the United States and other countries, which of the following are TRUE?
I. There is a correlation between the growth rate of the quantity theory of money and the growth rate of real GDP. II. There is a correlation between the growth rate of the quantity theory of money and the inflation rate. A) Only I is true. B) Only II is true. C) Both I and II are true. D) Neither I or II is true.
Assume that the labor market is perfectly competitive. An increase in the productivity of labor
A) causes the marginal factor cost of labor to decrease. B) generates a lower wage rate. C) causes an increase in the demand for labor. D) causes a reduction in the demand for labor since each worker is now more productive.
Monopsony means a labor market with a single buyer
a. True b. False Indicate whether the statement is true or false
An increase in the quantity of capital shifts the ... curve ... and the ... curve ...
What will be an ideal response?