The demand curve for a monopolist is
A) the industry demand curve.
B) the same as the demand curve for a perfectly competitive firm.
C) a perfectly inelastic demand curve.
D) a unitary elastic demand curve.
A
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The view that decision-maker expectations are based on actual outcomes observed during the recent past is called the:
a. rational expectations hypothesis. b. adaptive expectations hypothesis. c. permanent income theory. d. recognition lag.
(Consider This) Madison, the CPA, is faster than Mason, the house painter, at both accounting services and painting. This means that:
A. there is no reason for them to trade services. B. Madison should trade her accounting services for Mason's painting services, so long as Madison is relatively more efficient at accounting services. C. Madison should trade her accounting services for Mason's painting services, so long as Madison is relatively more efficient at painting. D. Madison has the comparative advantage in both services.