For a monopolist
A. marginal revenue is equal to price for all units being sold.
B. marginal revenue is greater than price for all units being sold except for the first unit.
C. there is no relationship between marginal revenue and price.
D. marginal revenue is less than price for all units being sold except the first unit.
Answer: D
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The Coffee Nook, a small cafe near campus, sells cappuccinos for $2.50 and Russian tea cakes for $1.00 each. What is the opportunity cost of buying a cappuccino?
A) $1.00 B) $2.50 C) 2/5 of a Russian tea cake D) 2 1/2 Russian tea cakes
Diseconomies of scale are pictured on a graph by the upward-sloping portion of the
a. marginal product curve b. short-run marginal cost curve c. long-run marginal cost curve d. short-run average cost curve e. long-run average cost curve
Market failures
A) prevent the price system from attaining economic efficiency. B) result in quantities and prices that are socially desirable. C) strengthen economic efficiency by forcing unprofitable firms to close. D) weaken the argument for government intervention in the economy.
Adjusting labor force participation rates for the age of the population suggests that
A. the raw number overstates the increase in the rate among women. B. the raw number understates the increase in the rate among women. C. the raw number correctly states the decrease in the rate among women. D. the labor force participation rate among women is higher than that of men.