The contribution to total revenues coming from the next worker hired is
A) marginal product.
B) marginal revenue product.
C) total product.
D) total revenues.
Answer: B
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Suppose a monopolist faces a constant elasticity market demand curve with price elasticity equal to -2. What will be the price charged by this monopolist assuming constant marginal cost of 10.
A. 100 B. 80 C. 50 D. 30 E. 20 F. 10 G. infinity H. None of the above
What is production technology?
What will be an ideal response?
In answer to the question "How did Britain affect American economic growth?" Hughes and Cain (2011) reach what conclusion?
(a) The colonies were launched with English institutions, and they were allowed to modify them to meet local needs. In exchange for their investment in the colonies, the British expected the American colonies to produce and grow rapidly. (b) British policies were adverse to the colonies because they interfered with efforts to recruit a labor force and maintain employment at something close to full employment. (c) British policies prevented the colonies from going through an Industrial Revolution, as was occurring in England. (d) British policies significantly held down income growth in the colonies because they aimed at increasing the proportion of "primary" output at the expense of commercial and manufacturing output.
Explain why advertising that results in spuriously differentiated products may result in a deadweight loss to total welfare
What will be an ideal response?