This topic contains a solution. Click here to go to the answer

Author Question: Which of the following is true for a monopolist? a. The firm has a perfectly elastic demand curve. ... (Read 87 times)

theo

  • Hero Member
  • *****
  • Posts: 698
Which of the following is true for a monopolist?
 a. The firm has a perfectly elastic demand curve.
  b. The firm has a perfectly inelastic demand curve.
  c. The straight-line demand curve is above the marginal revenue curve.
  d. The marginal revenue curve is above the demand curve.
  e. All of these.

Question 2

Which of the following statements is true?
 a. Total utility is the extra satisfaction from the consumption of a good or service.
  b. Marginal utility is the amount of satisfaction received from all the units of a good or service consumed.
  c. The law of diminishing marginal utility states that as more of a good or service is consumed total utility decreases.
  d. Consumer equilibrium is a combination of goods and services consumed which maximizes total utility from a given budget.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

IRincones

  • Sr. Member
  • ****
  • Posts: 321
Answer to Question 1

c

Answer to Question 2

d





 

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

The modern decimal position system was the invention of the Hindus (around 800 AD), involving the placing of numerals to indicate their value (units, tens, hundreds, and so on).

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

For a complete list of videos, visit our video library