Refer to the graph shown. An unregulated, profit-maximizing monopolist will charge a price of:
A. P3 and produce Q3 units of output.
B. P2 and produce Q2 units of output.
C. P1 and produce Q1 units of output.
D. P3 and produce Q1 units of output.
Answer: C
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Countries with high labor costs tend to:
a. rely on only one method for the production of goods b. use more labor rather than capital in the production process. c. use more capital rather than labor in the production process. d. be relatively poor countries.
If an amusement park that is highly profitable during the summer months is unable to cover its variable costs during the winter months, it should
a. raise its prices during the winter months. b. lower its prices during the summer months. c. operate during the summer but shut down during the winter months. d. operate during all months of the year as long as its profits during the summer exceed its losses during the winter.
One of the features of money is its store of value. However, most people do not hold their wealth as currency. Given that currency is the most liquid type of asset, why don't people hold all their wealth as currency?
The “efficiency of the payments mechanism” refers to
A. the ease and speed of exchanging money for goods and services. B. how fast member banks replenish required reserves. C. how fast banks pay interest on deposit accounts. D. how fast countries pay off foreign debts.