One difference between a monopoly and a competitive firm is that
A) a monopoly is a price taker.
B) a monopoly maximizes profit by setting marginal revenue equal to marginal cost.
C) a monopoly faces a downward sloping demand curve.
D) None of the above.
C
Economics
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A basic principle of economics is that a country's standard of living depends on its
a. quantity of physical capital. b. abundance of natural resources. c. ability to produce goods and services. d. ability to thrive economically without having to interact with other countries.
Economics
Other things the same, a country could move from having a trade surplus to having a trade deficit if either
a. saving rose or domestic investment rose. b. saving rose or domestic investment fell. c. saving fell or domestic investment rose. d. saving fell or domestic investment fell.
Economics