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Author Question: Which of the following is true for a monopolist? a. The firm has a perfectly elastic demand curve. ... (Read 22 times)

theo

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on: Jun 30, 2018
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.


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IRincones

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

d


theo

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Reply #2 on: Jun 30, 2018
Thank you


IRincones

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Reply #3 on: Jun 30, 2018
No problemo


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