Which of the following is NOT counted as an economic resource?
a. Land.
b. Physical labor.
c. Mental abilities of labor.
d. Money supply.
e. Entrepreneurship.
.D
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The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity. What is the area of deadweight loss when Light-U-Up is regulated and follows an average cost pricing rule?
A) acg B) degf C) deg D) There is no deadweight loss.
In an AD/AS model:
A. real GDP is shown on the horizontal axis. B. the potential GDP always slopes downwards. C. the GDP deflator always slopes upwards. D. the CPI is shown on the vertical axis.
If a country does not engage in trade with other countries, it is known as
A. A closed economy. B. A trade deficit economy. C. A trade surplus economy. D. An open economy.
If a monopolist's marginal revenue is $3.00 and its marginal cost is $4.50, it will increase its profits by:
A. reducing output and raising price. B. reducing both output and price. C. increasing both price and output. D. raising price while keeping output unchanged.