Suppose the accompanying figure illustrates the demand curve facing a monopolist. 
At a price of $8 per unit, the total revenue for this monopolist is ________ per day, and the marginal revenue earned from the last unit sold is ________.
A. $3,200; $8
B. $8; $8
C. $3,200; $0
D. $3,200; $4
Answer: C
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According to the quantity theory of money:
A) when the gap between the growth rate of money supply and the growth rate of real GDP widens, inflation decreases. B) when the gap between the growth rate of money supply and the growth rate of real GDP widens, inflation increases. C) when the gap between the growth rate of money supply and the growth rate of real GDP widens, nominal interest rates decrease. D) when the gap between the growth rate of money supply and the growth rate of real GDP widens, real interest rates increase.
Which of the following best reflects the ability-to-pay philosophy of taxation?
a. an excise tax on coffee b. an excise tax on gasoline c. a progressive income tax d. a tax on residential property
A closed shop is one in which
A. some members belong to the union while others do not. B. a union is prohibited. C. the union is a co-manager of the day-to-day operations of the firm. D. belonging to a union is a condition of employment.
Which of the following is an assumption of the Cournot model?
A. Each firm takes the output of the other firm as given. B. There is only one firm in an industry. C. The firms behave so as to maximize their revenues. D. Firms collude to fix prices and quantities.