Answer to Question 1
Perfectly competitive firms face a horizontal demand curve for their product, while a monopolist faces a downward-sloping demand curve for its product. A horizontal demand curve implies perfectly elastic demand. This means that if perfectly competitive firms set their product prices above the market price, they lose all of their business. This makes them price takers. On the other hand, the downward sloping demand curve faced by a monopolist implies that a monopolist can sell a lower quantity at a higher price and vice versa. Hence, monopolies have the option of setting the market price for their products, which makes them price makers.
Answer to Question 2
D
Survivorship curve for the North American beaver.
Bell Curve for Intelligence IQ scores for a population-based sample usually fall into this kind of
Ebbinghaus’s forgetting curve
The demand for oil can be reduced significantly with the introduction of new higher vehicle mileage
The introduction of a new generation of electric and hybrid cars will reduce the demand for oil
A 600-kg car is going around a curve with a radius of 120 m that is banked at an angle of 20° ...