The fundamental invention underpinning the recent productivity acceleration is the:
A. fuel cell.
B. microchip.
C. Internet.
D. personal computer.
Answer: B
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Why would a profit maximizing monopolist in a contestable market set its price at a level below that which maximizes short run profits?
What will be an ideal response?
Figure 20-1
Which of the diagrams in Figure 20-1 shows the situation of an individual firm that hires labor in a perfectly competitive market?
A. A B. B C. C D. D
What are the possible costs of a service failure?
a. Back orders b. Lost suppliers c. Lost sales d. Lost customers e. All of the above f. Only A, C, and D
If the consumer gets 90 utils from consuming four movies, 120 utils from consuming five movies, and 140 utils from consuming six movies, calculate the consumer's marginal utility from the fifth and sixth movies.
What will be an ideal response?