Which of the following is true for a monopolist?
a. The firm has a perfectly elastic demand curve.
b. The firm has a perfectly inelastic demand curve.
c. The straight-line demand curve is above the marginal revenue curve.
d. The marginal revenue curve is above the demand curve.
e. All of these.
c
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Data presented in the text compare exports per capita in the early 1790s with exports per capita just prior to the Revolution. The data show that by the early 1790s, exports per capita had increased in _____________, but had decreased in ___________________
a. the Upper South; the Lower South b. the Upper South; New England c. New England; the Middle Atlantic states d. the Middle Atlantic states; the Upper and Lower South
In the long run a company that produces and sells laundry detergent incurs total costs of $2,500 when output is 1,250 units and $2,750 when output is 1,500 units. For this range of output, the laundry detergent company exhibits
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. efficient scale.