The demand curve a monopolist uses in making an output decision is
a. the same as the demand curve facing a perfectly competitive firm
b. vertical because there are no close substitutes for its product
c. horizontal because there are no close substitutes for its product
d. the same as the market demand curve
e. perfectly inelastic
D
Economics
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Returns to scale measures how much distance there is between the ________ when there is a uniform increase in the inputs
Fill in the blank(s) with the appropriate word(s).
Economics
Suppose we have the following information about a car manufacturer: car sales $1000M, steal purchases $600M, wages $300M, interest on business loans $50M, and profits $50M. What is its contribution to GDP using the product approach?
A) $1000M B) $600M C) $400M D) $350M
Economics