The more elastic the demand curve, a monopoly
A) will have a larger Lerner Index.
B) will face a lower marginal cost.
C) will earn more profit.
D) will lose more sales as it raises its price.
D
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The demand for a product is relatively more elastic:
a. ?When it has few substitutes ?b. In the long-run c. ?When the money spent on the product represents a small portion of a typical buyer's budget d. ?When the product is broadly defined
Net foreign factor income" in the national income accounts refers to the difference between:
A. The income Americans gain from supplying resources abroad and the income that foreigners earn by supplying resources in the U.S. B. The value of products sold by Americans to other nations and the value of products bought by Americans from other nations C. The value of investments that Americans made abroad and the value of investments made by foreigners in the U.S. D. The income earned by Americans in the U.S. minus the income earned by foreigners in the U.S.