The supply curve of a single-price monopolist
a. coincides with its marginal cost curve above its average total cost curve
b. coincides with its marginal cost curve above its average variable cost curve
c. is established by the government
d. slopes downward due to substantial economies of scale
e. does not exist
E
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Which of the following is a valid argument for protection?
A) national defense B) fair trade C) creation of employment D) All of the above
The proponents of rational expectations believe that:
a. there will be a substantial time lag before people anticipate the eventual effects of a shift to a more expansionary macro-policy. b. macro-policies that stimulate demand and place upward pressure on the general level if prices will temporarily increase output and employment. c. the inflationary side effects of expansionary policies will be anticipated quickly, and therefore, even their short-run effects on real output and employment will be minimal. d. discretionary changes in macro-policy can be made in a manner that will reduce the economic ups and downs of a market economy.
When government revenue is less than government spending, the nation has a:
A. government budget deficit. B. trade surplus. C. trade deficit. D. government budget surplus.
If Inventory investment is lower than firms planned
A. actual investment must be negative. B. actual investment is greater than planned investment. C. actual and planned investment are equal. D. actual investment is less than planned investment.