Which of the following is correct for a single-price monopoly?
i. The firm can determine the quantity it produces and the price it charges.
ii. It would never profitably produce output in the inelastic range of its demand.
iii. Its marginal revenue is less than price.
A) i only
B) i and iii
C) ii only
D) ii and iii
E) i, ii, and iii
E
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Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If it is discovered that wapanzo beans help prevent cancer, then supply will ________ and demand will ________
A) become case C; become case 1 B) become case C; stay at case 2 C) stay at case B; become case 1 D) become case A; become case 1
Individual investors who always want to hold gold are known as:
A) goldfinger B) golden boys C) gold bugs D) goldilocks
Decreases in consumption, investment, or net exports caused by an increase in government purchases are known as
A) strategic substitution. B) crowding out. C) diminishing returns. D) demand-side effects.
Assume an industry is comprised of three firms—A, B, and C. Firm A controls 50 percent of the market, Firm B controls 30 percent, and Firm C controls 20 percent. What is the value of the Herfindahl Index?
a. 100 b. 200 c. 2,600 d. 3,800