For a monopolist, when the price effect is greater than the output effect, marginal revenue is
a. positive.
b. negative.
c. zero.
d. maximized.
b
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Resources are all of the following EXCEPT
A) scarce and therefore require choices to be made. B) limited in quantity and can be used in different ways. C) unlimited and in abundance. D) the things we use to produce goods and services.
National income is equal to gross domestic product minus:
a. indirect business taxes. b. depreciation. c. personal taxes. d. retained earnings. e. consumption spending.
Why is the demand for labor referred to as a derived demand?
In a monopolistically competitive market,
a. entry by new firms is impeded by barriers to entry; thus, the number of firms in the market is never ideal. b. entry by new firms is impeded by barriers to entry, but the number of firms in the market is nevertheless always ideal. c. free entry ensures that the number of firms in the market is ideal. d. there may be too few or too many firms in the market, despite free entry.