Which of the following is NOT a characteristic of a monopoly?
A. A monopolist faces a downward-sloping demand curve.
B. There are no close substitutes for a monopolist's product.
C. After the first unit, the monopolist's marginal revenue is always less than its price.
D. A monopolist is a price taker.
Answer: D
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The net gains buyers perceive that they receive, over and above the market price they must pay, are measured by ______.
a. deadweight loss b. price ceilings c. consumer surplus d. producer surplus
Which of the following consumer goods and services is most like to suffer declining sales during a recession?
A. haircuts. B. ground beef. C. restaurant meals. D. toothpaste.
Moving along which curve does the money wage rate and the price level change in the same proportions?
What will be an ideal response?
When the production of one good spills benefits over to third parties, the government should consider all of the following EXCEPT
A. subsidizing the consumption of the good. B. taxing the production or consumption of the good. C. subsidizing the production of the good. D. creating tax incentives to encourage more consumption.