The figure above shows the demand, marginal revenue, and marginal cost curves for Paul's Parrot Pillows, a single-price monopoly producer of pillows stuffed with parrot feathers. When Paul maximizes his profit, the price per pillow is
A) $70.
B) $60.
C) $40.
D) $100.
E) $30.
A
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Which of the following scenarios best demonstrates Say's law?
A. Nandini plays the piano at a restaurant, and her income is based solely on voluntary donations. She never lets her demand for goods and services determine how long she plays the piano. B. Professor Mackowski teaches economics at a university and receives a monthly paycheck. Each month he spends half his paycheck and saves the rest in his piggy bank under his bed. C. Farmer Perk grows strawberries on his farm. As he grows them, he decides to buy more goods if he sells more strawberries than he expected.
If a country's working-age population declines and its wealth increases, then the labor supply curve
A) shifts to the left if the effect of the change in wealth is bigger than the effect of the change in the working-age population. B) shifts to the right if the effect of the change in wealth is bigger than the effect of the change in the working-age population. C) shifts to the left. D) shifts to the right.
Which statement best describes the two issues economists face when comparing the GDP of different nations?
a. The two issues economists face when comparing the GDP of different nations are natural resources and population. b. The two issues economists face when comparing the GDP of different nations are natural resources and tax codes. c. The two issues economists face when comparing the GDP of different nations are currency and natural resources. d. The two issues economists face when comparing the GDP of different nations are currency and population.
Which of the following is most likely to cause a rightward shift of the investment demand curve?
What will be an ideal response?