The demand curve facing a monopolist:
a. is the same as its marginal revenue curve
b. is perfectly elastic.
c. is perfectly inelastic.
d. is less elastic than a perfectly competitive firm's demand curve.
d
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Monetarists believe that the aggregate supply curve is relatively steep in the short and long runs. This means they expect
a. inflation with no change in output. b. increases in output to bring much inflation. c. increases in output to bring little inflation. d. decreases in output to bring much inflation.
The proliferation of Internet usage serves as an example of a favorable supply shock
a. True b. False Indicate whether the statement is true or false
GDP uses the market value of goods and services because it:
A. provides the opportunity to compare lists of outputs to see who produced more. B. markets are the only way to value goods and services. C. provides a common valuation that allows us to compare one economy to another. D. is the only data that can be gathered about goods and services.