For a monopolist that does not price discriminate, economic profit is maximized in the short run at a price of $140 . Marginal revenue at that output level is
a. equal to $140.
b. greater than $140.
c. less than $140.
d. less than marginal cost.
e. greater than average revenue.
C
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The stronger that consumer demand is for a good or service, other things being equal,
a. the higher its price. b. the lower its price. c. the more stable its price. d. the less stable its price.
If the MRP per dollar is greater for labor than that for tools, a producer should spend more money on labor than originally planned and less on tools. How long can he continue this switch in spending? Why?
What will be an ideal response?
The government played a central role in directing the post-World War II economy, causing all of the following to occur except
(a) The reduction of entitlements, such as Social Security and unemployment benefits. (b) Massive spending by the federal government, justified by the Cold War. (c) Enormously expanded government infrastructure spending on things like highways, airports, education and research and development. (d) There is no "except"; all of the above occurred.
The slope of a line parallel to the vertical axis is:
a. 1. b. 0. c. infinite. d. undefined.