Author Question: The demand curve a monopolist faces: a. is more elastic than a perfectly competitive firm's demand ... (Read 60 times)

fbq8i · **on:** Jun 30, 2018

The demand curve a monopolist faces:
a. is more elastic than a perfectly competitive firm's demand curve.
b. is the market demand curve.
c. is as elastic as a perfectly competitive firm's demand curve.
d. is not affected by the prices of complements.
e. will not shift in response to a change in consumer tastes.

Question 2

The principle of diminishing marginal utility says that:
a. as more of a good or service is consumed, demand decreases.
b. as more of a good or service is consumed, the price will rise.
c. the marginal utility of additional units consumed increases.
d. an increase in income causes demand to increase.
e. the marginal utility of additional units consumed decreases.