If the demand curve for a firm's output is P=200-10Q, the marginal revenue curve will be
A. MR=200-5Q.
B. MR=20-Q.
C. MR=P*.
D. MR=200-20Q.
Answer: D
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With a monopoly, the consumer's surplus is lower than it would be with a perfectly competitive industry
a. True b. False Indicate whether the statement is true or false
Ingrid operates a business that provides optics equipment to the government. She just received a government contract for $2 million. She then hires three new employees and buys a great quantity of supplies from several vendors. Her employees and the vendors earn more money, pay more taxes, spend more money, and save more money. This is an example of ______.
a. automatic stabilization b. the Laffer curve c. the multiplier effect d. contractionary policy
If the income elasticity for a particular good is negative, then:
A. as income increases, consumers will tend to purchase more of the good. B. the good is a luxury good. C. the good is a normal good. D. as income increases, consumers will tend to purchase less of the good.
Classical macroeconomic theorists believed that during an economic downturn, unemployment would ________.
A. only lead to wage increases for the most highly skilled workers B. lead wages to fall C. have no impact on wages D. lead wages to rise