This monopolist is
A. in the short run making a profit.
B. in the short run taking a loss.
C. in the long run making a profit.
D. in the long run making a loss.
B. in the short run taking a loss.
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If recessions are in large part the consequence of coordination failures,
A) government must direct or control private spending to reduce instability. B) stability cannot be achieved without the use of discretionary fiscal policy. C) stability cannot be achieved without the use of discretionary monetary policy. D) the economy is unlikely to respond smoothly and predictably to shifts in government policy.
Unemployment rates were much higher in the 1980s than they were in the 1950s basically because
A) a higher percentage of the population was in the labor force in the 1980s, but the cost to many of them of being unemployed was much lower than it was in the 1950s. B) automation has eliminated many unskilled jobs. C) fewer jobs are available in the 1980s relative to the population. D) inflation raises unemployment rates. E) recessions have become much more severe since the 1950s.
The marginal product of labor is equal to the
A) total product divided by the total number of workers hired. B) increase in the total product that results from hiring one more worker with all other inputs remaining the same. C) slope of the marginal product of labor curve. D) None of the above answers are correct.
If the consumer price index (CPI) is 220 one year and 210 the next, the annual rate of inflation as measured by the CPI is approximately _____
a. ?2.3 percent b. ?4.6 percent c. 10 percent d. 4.8 percent e. 220 percent