The demand curve any monopolist uses in making output decisions is:
a. the same as the demand curve facing a perfectly competitive firm.
b. vertical, because there are no close substitutes for its product.
c. horizontal, because there are no close substitutes for its product.
d. the same as the market demand curve.
e. perfectly inelastic.
Question 2
If the price of a product rises, consumers buy less of the good because the:
a. MU/P of the good falls below the MU/P of other goods.
b. MU/P of the good rises above the MU/P of other goods.
c. marginal utility of the good diminishes.
d. total utility of the good diminishes.
e. marginal utility of the good rises.
The titration curve of acetic acid
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Construct a Lorenz curve that shows income distribution in this society.