The demand curve a monopolist faces
a. is more elastic than a perfectly competitive firm's demand curve
b. is the market demand curve
c. is as elastic as a perfectly competitive firm's demand curve
d. is not affected by the prices of complements
e. will not shift in response to a change in consumer tastes
B
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If the owners of a business are receiving total revenues just sufficient to cover all of their explicit and implicit costs, then they are:
A. earning a normal profit. B. doing better than their next best alternative. C. doing worse than their next best alternative. D. earning an economic loss.
Which of the following accurately describes economic growth and standards of living between 1,000,000 B.C. and 1300 A.D.?
A) No sustained economic growth occurred between 1,000,000 B.C. and 1300 A.D. B) Significant economic growth took place between 1,000,000 B.C. and 1300 A.D. C) Standards of living substantially declined from 1,000,000 B.C. to 1300 A.D. D) Standards of living in 1300 A.D. were substantially better than what they were in 1,000,000 B.C.
Graphically the intersection of the aggregate demand curve and the short-run aggregate supply line determines:
A. long-run equilibrium. B. exogenous spending. C. potential output. D. short-run equilibrium.
An unexpected decrease in wealth or nonlabor income leads to
A. a zero effect on labor supply. B. an uncertain effect on labor supply. C. an increase in labor supply. D. a decrease in labor supply.