Refer to the above figure. An unregulated natural monopolist's profits will be
A. losses equal to Q3 times distance d-e.
B. losses equal to Q4 times distance f-g.
C. profits equal to Q1 times distance a-b.
D. profits equal to Q1 times distance a-c.
Answer: C
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Suppose that average labor productivity in Country C is $5,000, and that Countries C and E have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country E?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. $1,500 B. $6,250 C. $4,500 D. $1,000
The measure of the aggregate price level that is most frequently reported in the media is the
A) GDP deflator. B) producer price index. C) consumer price index. D) household price index.
An exhaustible resource with a very large known reserve will most likely exhibit
A) a highly variable price in the near future. B) a decreasing price in the near future. C) an increasing price in the near future. D) a constant price in the near future.
Hotels in New York City frequently experience an average vacancy rate of about 20 percent (i.e., on an average night, 80 percent of their rooms are full). This excess capacity is indicative of a(n) ____ industry
a. perfectly competitive b. monopoly c. monopolistically competitive d. oligopoly