Which of the following is a TRUE statement about a monopoly?
A. A monopoly does not necessarily earn positive economic profits.
B. As long as the demand curve slopes down, a monopoly can always find some price-output combination that generates positive economic profits.
C. A monopoly must earn an above-normal profit to stay in business.
D. As long as there are barriers to entry, a monopoly can always find some price-output combination that generates positive economic profits.
Answer: A
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A drought that decreases Russian wheat production will
A. shift the supply curve of US corn to the right. B. shift the supply curve of US corn to the left. C. shift the demand curve for US corn to the right. D. shift the demand curve for US corn to the left.
Which of the following is true of a human mind?
a. A human mind seldom makes consistent error-free calculations. b. A human mind can attend to more than a handful of concepts at one time. c. A human mind can fully analyze the interrelationships between different concepts. d. A human mind can navigate through complex logic to correct conclusions.