This topic contains a solution. Click here to go to the answer

Author Question: Which of the following is true for a monopolist? a. The firm has a perfectly elastic demand curve. ... (Read 75 times)

theo

  • Hero Member
  • *****
  • Posts: 698
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

IRincones

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

c

Answer to Question 2

d





 

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

For a complete list of videos, visit our video library