When Two Variables Move in Opposite Directions,the Curve Relating Them

question 4

Multiple Choice

When two variables move in opposite directions,the curve relating them is

• A)upward sloping,and we say the variables are positively related.
• B)upward sloping,and we say the variables are negatively related.
• C)downward sloping,and we say the variables are positively related.
• D)downward sloping,and we say the variables are negatively related.

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Definitions:

Nondiscriminating Pure Monopolist

A monopolist who sells their product at the same price to every customer, not charging different prices to different buyers.

Industry Demand Curve

A graph showing the relationship between the price of a good and the total amount of the good all consumers are willing to purchase within a specific industry.

Welfare or Efficiency Loss

The decrease in economic efficiency, often measured as the loss of consumer or producer surplus, due to deviations from perfect competition.

Marginal Revenue

The additional income gained from selling one more unit of a good or service; crucial for determining the optimum level of production.