The monopoly can shift the demand for its product rightward by
What will be an ideal response?A) accommodating new uses for its product
B) advertising new uses for its product
C) moving along the learning curve
D) All of the above
B) advertising new uses for its product
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The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242354464572If the product the firm produces sells for a constant $2 per unit, the marginal revenue product of the third unit of the resource is
A. $12. B. $18. C. $6. D. $24.
Studies of 18th century colonial demographics indicate that
a. the population growth rate of blacks was similar to that of whites. b. migration was the main reason for the growth in the black population. c. the death rate of blacks were much higher than the death rate of whites. d. the birthrate of blacks was much lower than the birthrate of whites.
When Jamie, a U.S. citizen, purchases a wool jacket made in Ireland, the purchase is
a. both a U.S. and Irish import. b. a U.S. import and an Irish export. c. a U.S. export and an Irish import. d. neither an export nor an import for either country.
Discuss how the interdependence of input markets for labor, capital, and land might affect supply, demand, and wages or rental prices.
What will be an ideal response?