Figure 11-6
The profit-maximizing monopolist in Figure 11-6 will produce ____ units of output.
a.
Q1
b.
Q2
c.
Q3
d.
Q4
b
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Which of the following is likely to shift the demand curve for carpenters rightward, assuming all else equal?
A) A fall in the wage rate of carpenters B) A fall in the price of wood C) A rise in the wage rate of carpenters D) A rise in the price of wood
Refer to Figure 15-15. The firm would maximize profit by producing
A) Q1 units. B) Q2 units. C) Q3 units. D) Q4 units.
Which of the following conditions distinguishes the monopolistic competitor from the monopolist?
A. Profit-maximizing rule B. Downward slope of demand curve C. Entry of rivals D. Short-run economic profits
Suppose Canada has a comparative advantage relative to the United States in the manufacture of clothing and the United States has a comparative advantage in producing agricultural products. Which of the following is most likely to occur?
A. Canada will sell clothing to the United States but not buy any agricultural products from the United States. B. Canada will sell clothing to the United States and the United States will sell agricultural products to Canada. C. Canada and the United States will not trade agricultural products or clothing. D. Canada will sell agricultural products to the United States and Canada will buy clothing from the United States.