If a 35 percent increase in price of golf balls led to an 42 percent decrease in quantity demanded, then the demand for golf balls is

A monopolist can set any price it wants. So why does it still produce at a point where MC=MR, just like a perfectly competitive firm?

What will be an ideal response?

A country has a comparative advantage when the opportunity cost of producing a good in terms of:

a. the monetary value of other forgone goods is lower than that of other nations. b. the monetary value of other forgone goods is greater than that of other nations. c. forgone output of other goods is higher than that of other nations. d. forgone output of other goods is lower than that of other nations. e. forgone output of other goods is equal to that of other nations.