For a monopolist, the reason that marginal revenue is less than price is
A) because of the perfectly elastic demand curve that the monopolist faces.
B) because the monopolist must lower the price of the good in order to sell an additional unit.
C) because of the U-shaped average revenue curve.
D) because of the lack of competition in the market.
B
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The fact that there is a very limited amount of land in Hong Kong means the supply of new apartments in Hong Kong is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) limited by the demand.
(Consider This) North Korea's command economy:
A. is one of the few remaining command economies. B. has grown much faster than South Korea's economy since the two countries were divided after World War II. C. produces a per capita GDP of nearly $25,000. D. has undergone significant market reforms and is now one of the fastest-growing economies.