A Monopolist Faces a

question 326

Multiple Choice

A monopolist faces a

• A)horizontal demand curve.
• B)vertical demand curve.
• C)downward-sloping demand curve.
• D)U-shaped demand curve.

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Definitions:

Checkable Deposits

Deposits in a bank or other financial institution against which checks can be written or ATM or debit card transactions can be made.

Medium of Exchange

An instrument or system used to facilitate the sale, purchase, or trade of goods between parties, typically money in modern economies.

Store of Value

An asset that can be saved, retrieved, and exchanged in the future without depreciating significantly.

Fiat Money

Paper money that is not backed by or convertible into any good; it is money because the government says it is money.