A monopolist maximizes profit when the total revenue curve is furthest above the total cost curve
a. True
b. False
Indicate whether the statement is true or false
True
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The War on Poverty program was initiated by President
a. John F. Kennedy b. Franklin D. Roosevelt c. Richard Nixon d. Lyndon B. Johnson e. Ronald Reagan
YearAntonio's Hourly wageConsumer Price Index2006$8.40201.62010$9.05218.1 Refer to Table 8.2. From 2006 to 2010, Antonio received a total of $0.65 in pay raises, and the CPI also increased as shown in the table. What happened to Antonio's real wage from 2006 to 2010?
A. It rose because Antonio's nominal wage and the CPI were both higher in 2010 than in 2006. B. It fell because Antonio's nominal wage rose more slowly than did the CPI. C. It rose because $9.05 is greater than $8.40. D. It fell because the change in the CPI was 16.5, which is greater than Antonio's wage.
Human beings
A) have unlimited wants. B) think they have unlimited wants, but really have limited needs. C) have limited wants, but unlimited needs. D) know what their needs are, but do not know what their wants are.
Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market for ground meat?
A. Market clearing price will fall, and equilibrium quantity will rise. B. Market clearing price will fall, and equilibrium quantity will fall. C. Market clearing price will rise, and equilibrium quantity will fall. D. Market clearing price will rise, and equilibrium quantity will rise.