Which of the following statements is true of a monopolist?
a. It can raise price without losing sales, since there are no competitors.
b. At a given price, it can sell all of the output that it can produce.
c. It is able to choose a price & output combination to the right of its demand schedule.
d. At a given price it can sell only one particular output level.
D
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"An increase in Mexican income decreases aggregate demand in the United States." Is the preceding statement correct or incorrect? Briefly explain your answer
What will be an ideal response?
Harry and Gus fish the same lake together from the same boat
Each morning Harry typically catches either 20 bluegills or 5 walleyes (depending on how deep he fishes) while Gus typically catches either 20 bluegills or 2 walleyes (depending on how deep he fishes). Other things constant, if they wish to maximize the total number of fish they catch together tomorrow morning, regardless of species, A) Harry should fish and Gus should row. B) Harry should fish only for bluegills and Gus should fish only for walleyes. C) Gus should fish only for bluegills and Harry should fish only for walleyes. D) both Harry and Gus should fish for bluegills.