A single-price monopolist will always produce where the elasticity of demand
A) is greater than 1.
B) is smaller than 1.
C) equals 1.
D) equals infinity.
A
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An example of a sunk cost would be:
A. the cost of a movie ticket once you've started watching the movie. B. the value of a lift ticket once you've started skiing. C. the admission fee you paid to enter a national park. D. All of these are examples of sunk costs.
A person who worked 20 hours per week while going to school would be categorized as
a. employed b. unemployed c. not in the labor force d. marginally unemployed e. labor impaired
A monopoly firm will sell ________ output and charge a ________ price than a perfectly competitive firm.
a. less; higher b. more; higher c. more; lower d. less; lower
One of the external costs associated with illegal methamphetamine production is the
A. increased difficulty illegal methamphetamine producers face in obtaining their ingredients. B. increased difficulty of purchasing some over-the-counter cold medications. C. increased difficulty of purchasing some over-the-counter cold medications as well as a substitution of somewhat less effective ingredients in some over-the-counter cold medications. D. substitution of somewhat less effective ingredients in some over-the-counter cold medications.