If a firm is able to set price,
A) it is a monopoly.
B) its marginal revenue is constant.
C) it sells its output at a constant price.
D) it faces a downward-sloping demand curve.
D
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Consider two people, Sandy Roos, who earns $25,000 . and Gary Behrman, who earns $50,000 . If the government has decided to tax everyone's first $25,000 at 20 percent and everyone's second $25,000 at 40 percent, then
a. Gary and Sandy both pay taxes of the same percentage of total income b. Gary and Sandy pay the same amount of taxes c. Gary pays twice the tax amount Sandy pays d. Gary pays three times the tax amount Sandy pays e. Sandy does not pay taxes
Which one of the following statements is true?
a. Water use is clearly higher in countries with higher income levels b. Water use is clearly higher in countries with lower income levels c. Water use in a country is closely linked to the level of manufacturing d. Water use in a country is closely linked to the level of agriculture e. Water use in a country is clearly linked to electricity use
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.
Consider a market that has linear supply and demand curves, and is in equilibrium. The area above the price line and below the demand curve is
A) consumer surplus. B) producer surplus. C) marginal cost. D) marginal benefit.