For the monopoly shown in the figure above, the economic profit is
A) $0.
B) $10.
C) $40.
D) $100.
C
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Consider an economic policy regime in which rules are well-known but frequently ignored. Which of these statements is true?
A) This regime might work in the long-run, but is unlikely to produce good outcomes in the short run. B) Policymakers in this regime might find that rules are being broken with increasing frequency. C) This regime is more likely to be supported by nonactivist, than by activist policymakers. D) This regime is more likely to result in high unemployment than in high inflation. E) This regime is unlikely to produce large government budget deficits.
After browsing several pairs of shoes, Bob buys a pair of Nike running shoes. Economists would say that:
A. Bob is revealing his strong distaste for New Balance running shoes. B. Bob is revealing he will always choose Nike over any other shoe brand. C. Bob will get more utility per dollar from the Nike running shoes than any other in the store. D. Bob made a poor choice, if he really prefers Adidas.
In the short run, a firm will produce a positive amount of output as long as
a. P > AVC at some output level b. P > MC at some output level c. P < AVC at some output level d. AVC < ATC at some output level e. FC > TR at some output level
The demand for lumber is particularly derived from the demand for
a. housing b. carpenters c. lawn services d. farmland e. dollhouses