Use the following graph of the market for milk to answer the question below.
If 30 million gallons of milk are being produced, then we know
A. too much milk is being produced.
B. too little milk is being produced.
C. marginal benefit is $1.00.
D. marginal benefit is greater than marginal cost.
Answer: A
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Refer to Figure 15-4. What is the amount of the monopoly's total cost of production?
A) $21,600 B) $17,700 C) $9,340 D) $7,800
In the monetary small open-economy model with a fixed exchange rate, the domestic
A) government loses control over the level of domestic government spending. B) government loses control over the level of domestic taxes. C) government loses control over the level of domestic government spending and domestic taxes. D) central bank loses control over the domestic stock of money.
For a monopolist, total revenues will:
A. increase and eventually decrease as output increases. B. decrease and eventually increase as output increases. C. always increase as output increases. D. always decrease as output increases.
How short is the short-run production period?