When a person's income rises and the tax rate is constant, the tax is a

Under what conditions can a monopolist have potentially lower costs and possibly charge a lower price than would exist if the market were competitive?

a. when the monopolist operates on the inelastic portion of the demand curve b. when the monopolist is a profit maximizer rather than a revenue maximizer c. when substantial diseconomies of scale are present d. when substantial economies of scale are present

A binding minimum wage causes the quantity of labor demanded to exceed the quantity of labor supplied

a. True b. False Indicate whether the statement is true or false