A monopolist faces a downward-sloping demand curve because:
a. the demand for its product is inelastic.
b. the industry demand curve is horizontal.
c. resource prices increase as the monopolist expands output.
d. the entire market demand curve is the monopolist's demand curve.
Question 2
As more bananas are consumed, other things constant, marginal utility tends to decrease at:
a. the same rate for all people.
b. the same rate for all goods for a given person.
c. the same rate for all people.
d. different rates for different people and for other goods.
e. different rates for different people, but at the same rate as other goods.
The Many Faces of Life (Part 2)
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