In monopolistic competition, each firm's marginal revenue curve has a ________ and its demand curve has a ________.
A) slope equal to zero; slope equal to zero
B) slope equal to zero; negative slope
C) negative slope; a slope equal to zero
D) negative slope; negative slope
Question 2
Which of the following would be classified as a variable cost for the local Texaco station?
A) interest payments to a local bank for a 5-year loan
B) the total wages paid to the workers who are all paid 16.00 per hour, no matter how many hours they work each week
C) the premiums paid for liability insurance, which are constant throughout the life of the contract
D) the opportunity cost of money used to finance the installation of some new pumps
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Construct a Lorenz curve that shows income distribution in this society.
During a period of high power demand, the voltage output of the power company is reduced by ...