Author Question: For a monopolist with a downward-sloping demand curve, a. the coefficient of price elasticity of ... (Read 69 times)

crobinson2013

  • Hero Member
  • *****
  • Posts: 535
For a monopolist with a downward-sloping demand curve,
 a. the coefficient of price elasticity of demand is infinite.
  b. the coefficient of price elasticity of demand is zero.
  c. as price increases, marginal revenue decreases.
  d. as price decreases, marginal revenue decreases.
  e. when the price is equal to zero, marginal revenue is equal to zero.

Question 2

In the theory of consumer choice, when a person is choosing which good or service to consume, how does he or she select the units of good or service to consume?
 a. The person selects the good or service based on need.
 b. The person selects the units of a good or service that generates the greatest marginal utility. This process continues until there budget is spent.
  c. The person selects the units of a good or service that generates the greatest marginal utility per dollar spent. This process continues until the person's budget is spent.
  d. The person randomly selects what they buy until the budget is spent.



IRincones

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

d

Answer to Question 2

c



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

For a complete list of videos, visit our video library