How does the demand curve perceived by a monopolist compare with the market demand curve?
A.One has a horizontal demand curve, the other is vertical.
B.Both are horizontal
C.One has a vertical demand curve, the other is downward sloping.
D.They are essentially the same
Answer is D.They are essentially the same
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The wealth effect, the interest rate effect, and the foreign trade effect are three complementary explanations for the ______ of the aggregate demand curve.
a. leftward shift b. negative slope c. rightward shift d. positive slope
Lulu consumes only candy and cookies; she is currently buying more cookies than candy with her limited income. The last bag of candy gave Lulu the same additional utility as the last bag of cookies, and the prices of candy and cookies are the same. Lulu
A. is maximizing satisfaction given a limited income because the marginal utility per dollar is the same for candy and cookies. B. is maximizing utility given a limited income because the prices of candy and cookies are the same. C. could get more satisfaction from the same income by buying more candy and less cookies. D. could get more satisfaction from the same income by buying more cookies and less candy.
Maximum Feasible Hourly Production Rates of EitherComputers or Bicycles Using All Available ResourcesProductUnited StatesCanadaComputers810Bicycles42Refer to the above table. Assuming constant opportunity costs, the opportunity cost of producing a computer in the United States is ________ while the opportunity cost of producing a computer in Canada is ________.
A. 0.5 bicycle; 0.2 bicycle B. 2 bicycles; 5 bicycles C. 0.8 bicycle; 2 computers D. 2.5 computers; 0.25 bicycle
For inferior goods, demand will fall when
A. income decreases. B. price decreases. C. income increases. D. price increases.