A monopolist faces a demand curve that is
a. more elastic than a perfectly competitive firm's demand curve
b. the market demand curve
c. downward sloping as is the perfectly competitive firm's demand curve but the monopoly's demand curve is more inelastic
d. horizontal as is the perfectly competitive firm's demand curve but the monopoly's demand curve is more inelastic
e. totally insensitive to changes in consumer tastes
B
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When the Herfindahl-Hirschman Index for an industry is
A) very small, the industry can be perfectly competitive. B) very large, the industry can be perfectly competitive. C) 10,000, the industry is perfectly competitive. D) very small, the industry can be a monopoly. E) above 5,000, the industry is considered not very competitive, and when it is below 5,000, the industry is considered very competitive.
As the price of foreign exchange decreases relative to the U.S. dollar,
a. U.S. products become cheaper for foreigners b. foreign goods become cheaper for Americans c. more foreign currency is required to purchase a U.S. dollar d. the U.S. demand curve for foreign exchange shifts to the right e. the supply curve of foreign exchange to U.S. markets decreases