An implication of the downward slope of the demand curve for a monopolistic competitive firm is that
A) its marginal revenue curve slopes upward.
B) its marginal revenue curve is the same as the demand curve.
C) its marginal revenue curve slopes downward but lies above the demand curve.
D) its marginal revenue curve slopes downward but lies below the demand curve.
Answer: D
Economics
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A competitive equilibrium is described by
A) a price only. B) a quantity only. C) the excess supply minus the excess demand. D) a price and a quantity.
Economics
Refer to the tables below. For OMICS, the opportunity cost of producing an additional unit of A is:
Two nations, ECON and OMICS, each produce goods A and B. The table gives points on each nation's production possibilities curve.
A. 1 unit of B
B. 2 units of B
C. 3 units of B
D. 4 units of B
Economics