The demand curve facing a monopolist is
A. horizontal at the market price.
B. identical to the market demand curve for the good.
C. exactly twice as steep as the market demand curve for the good.
D. vertical because there are no competitors.
Answer: B
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If on-the-job working conditions have improved over time,
a. real GDP will understate the growth rate of real income. b. real GDP will overstate the growth rate of real income. c. the GDP deflator will overestimate inflation. d. real GDP will overstate the growth rate of real income, and the GDP deflator will understate inflation.
Which of the following is an example of a produced factor of production?
a. a plant in which automobiles are assembled b. skills that people accumulate in high school and college c. skills that people accumulate through experience in the workplace d. All of the above are correct.