For a monopoly market, if the Lerner Index is 2, then
A) the monopoly is maximizing its profit.
B) the price elasticity of demand is -2.
C) the price elasticity of demand is -0.5.
D) None of the above.
C
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Refer to the scenario above. Suppose the economy is currently operating on the production function F2 and E2 is the level of employment in the country. If the demand curve for labor shifts to the left, ________
A) employment will remain unchanged at E1 B) output will increase from Y2 to Y3 C) employment will decrease from E2 to E1 D) employment will increase from E2 to E3
What is the difference between the present value of $550 to be received after 3 years and after 5 years from now at an annual interest of 15 percent?
a. $73.49 b. $61.60 c. $250.02 d. $88.11
Which country had the highest percentage of the adult population with at least a post-high school degree in 2009?
a. Italy b. United Kingdom c. Japan d. Canada
Use the following general linear demand relation:Qd = 100 - 5P + 0.004 M - 5PR where P is the price of good X, M is income, and PR is the price of a related good, R.What is the demand function when M = $50,000 and PR = $10?
A. Qd = 100 - 5P B. Qd = 350 - 5P C. Qd = 300 - 5P D. Qd = 200 - 5P E. none of the above