In general, with a monopolist's outcome, total surplus is:
A. higher than that of a competitive market.
B. lower than that of a competitive market.
C. the same as that of a competitive market.
D. Any of these is possible.
B. lower than that of a competitive market.
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A decrease in the US cattle herd because of drought in Texas will
A. shift the supply curve of US corn to the right. B. shift the supply curve of US corn to the left. C. shift the demand curve for US corn to the right. D. shift the demand curve for US corn to the left.
In the accelerator theory the
A) smaller the desired capital-output ratio the larger will be net investment. B) smaller the desired capital-output ratio the larger will be replacement investment. C) larger the desired capital-output ratio the larger will be net investment. D) larger the desired capital-output ratio the smaller will be replacement investment.