The marginal revenue curve of a monopolist is
A. downward sloping and below the demand curve.
B. downsloping and identical to the demand curve.
C. horizontal and same as the market demand curve.
D. downsloping and above the demand curve.
Answer: A
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All of the following make the demand for labor more elastic EXCEPT
A) greater elasticity of demand for the final product. B) the longer the time period under consideration. C) the smaller the proportion of total costs accounted for by labor. D) the easier it is to substitute another input for labor.
Chronic excess demand will be a bigger problem in markets with price ceilings for goods where the demand is very ____________ and the supply is very _______________.
a. elastic; elastic b. inelastic; inelastic c. elastic; inelastic d. inelastic; elastic e. steep; flat
Since 1994, the average annual inflation rate in the U.S. has been greater than 8 percent.
Answer the following statement true (T) or false (F)
If exchange rates end up in the right ranges, the free market will drive each country to shift resources into those sectors in which it enjoys a comparative advantage.
Answer the following statement true (T) or false (F)