If the inverse demand function for a monopoly's product is p = a - bQ, then the firm's marginal revenue function is

How would the market for smartphones be affected if the government charged an excise tax of $5.00 on each smartphone sold?

A) The supply of smartphones would decrease. B) The demand for smartphones would increase. C) The demand for smartphones would decrease. D) The price of smartphones would rise by $5.00.

For a monopsonist, the supply of labor facing the firm is:

a. an insignificant portion of the market supply. b. perfectly horizontal. c. downward sloping. d. the summation of each firm's demand for labor. e. identical to the supply curve facing the market.