In monopoly, _____
a. the firm's demand curve is the market demand curve for the product
b. the marginal revenue is less than the price
c. the firm can set its price anywhere but will enhance its profits by raising or lowering the price, depending on the circumstances
d. all of these
Ans: c. the firm can set its price anywhere but will enhance its profits by raising or lowering the price, depending on the circumstances
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If finding the last stamp to complete your collection makes you happier than finding the first, then:
a. marginal utility is zero. b. marginal utility is negative. c. total utility is decreasing. d. total utility is constant. e. marginal utility is not diminishing.
With a monopsony in the labor market, a union can often raise wages and the number of workers hired
a. True b. False Indicate whether the statement is true or false