______ demand is when the quantity demanded changes proportionately to price changes.

A monopolist, unlike a perfect competitor, has total control in its market because it is the single producer. Why, then, must a single-price monopolist decrease its price if it wants to increase its output?

What will be an ideal response?

Comparative advantage indicates that:

A. specialization and exchange will permit trading partners to maximize their joint consumption. B. a nation can gain from trade only if it is not at an absolute disadvantage in producing all goods. C. a nation can gain from trade only when its trading partners are not low-wage countries. D. countries should export products for which they are high-opportunity cost producers.