Figure 11-9
In Figure 11-9, how much more than the short-run competitive price will the profit-maximizing monopolist charge?
A. $1
B. $2
C. $3
D. $10
Answer: A
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A perfectly competitive firm will continue to operate in the short run when the market price is below its average total cost if the
A) marginal revenue is greater than marginal cost. B) price is at least equal to the minimum average variable cost. C) total fixed costs are less than total revenue. D) marginal cost is minimized. E) price is also less than the minimum average variable cost.
Points along a budget line represent the maximum combinations of two commodities that a consumer can afford.
Answer the following statement true (T) or false (F)
The horizontal dotted line is
A. a price ceiling.
B. a price floor.
C. can be either a price ceiling or a price floor.
D. is neither a price ceiling nor a price floor.
The saving function shows the relationship between planned real saving and
A. the marginal propensity to save. B. real disposable income. C. the average propensity to save. D. real wealth.