Monopoly firms have
a. downward-sloping demand curves, so they can sell as much output as they desire at the market price.
b. downward-sloping demand curves, so they can sell only the specific price-quantity combinations that lie on the demand curve.
c. horizontal demand curves, so they can sell as much output as they desire at the market price.
d. horizontal demand curves, so they can sell only a limited quantity of output at each price.
b
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Marginal revenue product of labor for a competitive seller is
A) equal to the marginal product of labor multiplied by the output price. B) the marginal revenue of the product multiplied by the output price. C) the change in total product from hiring one more worker. D) the output price multiplied by the quantity sold.
In economics, money is defined as
A) any asset people generally accept in exchange for goods and services. B) the total amount of salary, interest, and rental income earned during a year. C) the total value of one's assets minus the total value of one's debts, in current prices. D) the total value of one's assets in current prices.