The demand curve a monopolist faces is
A) horizontal.
B) the industry demand curve.
C) vertical.
D) inelastic at all points.
B
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According to the rational expectationists,
A. even if there were a recession or substantial inflation, the best government policy would be to do nothing. B. the dramatic oil price shocks of 1973 and 1979 created declines in aggregate supply, lowering the natural level of real GDP. C. at best, government anti-recessionary policies would have no effect whatsoever. D. All of the choices agree with the thought of rational expectationists.
Stagflation is a term that usually describes an economy experiencing:
A. high inflation coupled with low growth. B. low unemployment rates and low inflation rates. C. low inflation. D. low inflation coupled with low growth.