An implication of the downward slope of the demand curve for a monopolistic competitive firm is that
A) its marginal revenue curve slopes upward.
B) its marginal revenue curve and its demand curve are identical (same) line.
C) its marginal revenue curve slopes downward but lies above the demand curve.
D) its marginal revenue curve slopes downward but lies below the demand curve.
D
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The median voter theorem states that the outcome of a majority vote
A) tends to favor the preferences of high-income individuals and ignore the median voter. B) is determined by the average consumer and producer in an economy. C) is likely to represent the preferences of the voter who is in the political middle. D) is likely to represent the preferences of society's middle-income voter.
Explain how each of the following market forces helps reduce incentive conflicts between shareholders and management: a) the market for corporate control, b) the managerial labor market, and c) the product market.
What will be an ideal response?