Biology Forums - Study Force

A monopolist always faces a demand curve that is:
 a. perfectly inelastic.
  b. perfectly elastic.
  c. unit elastic.
  d. the same as the entire market demand curve.

QUESTION 2

Suppose the law of diminishing marginal utility holds for coffee. As a person drinks more coffee during the day, the total utility he or she receives will:
 a. increase faster and faster.
  b. fall steadily.
  c. remain constant.
  d. rise, but at slower and slower rates.

QUESTION 3

The monopolist faces:
 a. a perfectly inelastic demand curve.
  b. a perfectly elastic demand curve.
  c. the entire market demand curve.
  d. all of these.

QUESTION 4

The law of diminishing marginal utility exists for the first four units of a good if they have marginal utilities of:
 a. 1, 2, 4, 8.
  b. 8, 4, 1, 2.
  c. 4, 8, 2, 1.
  d. 8, 4, 2, 1.

QUESTION 5

Which of the following is a difference between a monopolist and a firm in perfect competition?
 a. The marginal revenue curve is downward-sloping.
  b. Marginal revenue equals price.
  c. Economic profits are zero in the long-run.
  d. The marginal revenue curve lies above the demand curve.

QUESTION 6

If the first four units of a good consumed have marginal utilities of 8, 4, 2, and 1, respectively, this trend is an indication of the:
 a. law of consumer equilibrium.
  b. law of diminishing marginal utility.
  c. law of diminishing consumer surplus.
  d. law of supply.

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Just confirmed the same answer from my friend, thanks