In monopoly, the firm ______.
a. is a price taker
b. will only operate on the bottom half of its demand curve
c. cannot set both its price and the quantity sold; if the monopolist reduces output, the price will rise, and if the monopolist expands output, the price will fall
d. all of these
Ans: c. cannot set both its price and the quantity sold; if the monopolist reduces output, the price will rise, and if the monopolist expands output, the price will fall
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_____________ consists of the social and managerial processes through which solutions are first translated into social use in a given culture
a. Innovation b. Invention c. Diffusion d. Intellect
Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. The slope of the isocost line (in absolute value) is
A. greater than 1. B. less than one. C. equal to 1. D. equal to 0.