Refer to the table shown, which shows the demand schedule for a product sold by a monopolist. Marginal revenue is negative:Price of product($)Quantity demanded per year$143$124$105$86$67
A. when price is above $10.
B. for every price.
C. when price is $10.
D. when price is below $10.
Answer: D
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Which of the following explains the increase in income inequality since 1980?
A) A widening gap between the wages of skilled and extensively-educated workers and the wages of those with fewer skills and less education B) A rise in the number of single-parent families at low income levels and a rise in two-parent two-earner families at higher income levels C) An increase in the supply of less-skilled workers combined with an increase in demand for more highly-skilled workers D) All of the above.
The argument that when policy changes, people's behavior changes so that historical relationships between macroeconomic variables will no longer hold is known as
A) the Phillips curve. B) the policy irrelevance hypothesis. C) hysteresis. D) the Lucas critique.
Explain why the government provides public libraries. After all, we can buy books in the free market from firms such as Barnes & Noble
Under what conditions might a monopoly be more efficient than a perfectly competitive firm?