The demand curve for a monopolist is
A. the industry demand curve.
B. the same as the demand curve for a perfectly competitive firm.
C. a unitary elastic demand curve.
D. a perfectly inelastic demand curve.
Answer: A
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Refer to Figure 7-4. With insurance and a third-party payer system, what is the amount of the deadweight loss?
A) $0 B) $1,500 C) $3,000 D) $9,500
Suppose a worker signs a contract containing a 7 percent nominal wage increase with inflation expected to be 5 percent. Inflation turns out to be 10 percent, but the contract also contains 50 percent COLA protection
The worker's real wage under the contract A) falls by 3.0 percent. B) rises by 0.5 percent. C) rises by 2.0 percent. D) rises by 1.0 percent. E) falls by 0.5 percent.
Michael takes 10 minutes to iron a shirt and 20 minutes to type a paper. Aiden takes 10 minutes to iron a shirt and 30 minutes to type a paper. Which of the following statements is correct?
a. Aiden has a comparative advantage in ironing. b. Aiden has a comparative advantage in typing. c. Michael has a comparative advantage in ironing. d. Neither can gain from specialization and exchange.
While money is an asset not all assets are money because:
A. only money is a good asset to hold during times of inflation. B. money must be legal tender. C. only money stores value. D. money works as a means of payment.