A government-owned monopoly is more likely to:
A. provide a greater quantity of output than a private one.
B. provide output at a lower price than a private one.
C. serve public interest than maximize profit.
D. All of these statements are true.
D. All of these statements are true.
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Suppose you are the manager of a plastic recycle industry. In the industry, there are 5 large recycling firms and 20 small firms. You are aware that the large firms have a marginal benefit curve from industrywide advertising that lies above the small firms' marginal benefit curve. Which of the following payment plans is least likely to create discord across the participating firms?
A) Place the large firms into Group 1 and the small firms into Group 2 and require the firms in each respective group to pay the same amount with the firms in Group 1 paying a fee that is smaller than the fee paid by Group 2 firms. B) Have each firm pay the exact same fee. C) Have each firm pay the average marginal benefit of industrywide advertising across all firms. D) Place the large firms into Group 1 and the small firms into Group 2 and require the firms in each respective group to pay the same amount with the firms in Group 1 paying a fee that is greater than the fee paid by Group 2 firms.
The opportunity cost of holding a dollar is
A) a dollar. B) the price of a government bond. C) less than a dollar. D) the interest yield that could have been earned by holding some other asset.
Explain how it might be possible to have the demand for popcorn in a theater shift left just because you took $10 from Joe and gave it to Paul as they entered the theater. What general principle can we draw from this story?
What will be an ideal response?
When Adam Smith's ten pin workers specialized, they were able to increase output of pins in a day from 200 to 48,000. One reason for the increase in pin output was due to
A) the time saved when workers do not need to shift from one task to another. B) the boredom the workers suffered when they stopped making a whole pin and only concentrated on one task such as painting the heads white. C) new machinery. D) the bonus they received when they produced more pins.