A monopolistic firm faces a continuously downward-sloping ________ curve.
A. average total cost
B. demand
C. supply
D. marginal cost
Answer: B
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Average consumption in an economy is best measured by ________, while average productivity in an economy is best measured by ________.
A. output per worker; output per person B. output per worker; total output C. total output; output per worker D. output per person; output per worker
Answer the following statements true (T) or false (F)
1. The U.S. economy is a mixture of perfect and imperfect competition and regulated and non regulated industries. 2. Self -interest is a major tenet of economic liberalism. 3. Laissez-faire is a policy of government nonintervention in the economy. 4. Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses.
If the Fed had not changed the money supply after the recession in the early 1990s, then the long run effects would have been
a. a return to the original output and price level b. increased long run GDP equilibrium and price level c. unchanged long run output, but an increased price level d. a decreased long run output and price level e. a return to the original long run output, but a decreased price level
Suppose that an increase in the price level of one country drives up prices in other countries. This, in turn, increases the price level in the first country. This process is the
A. price feedback effect. B. balance of trade effect. C. J-curve effect. D. trade feedback effect.