Answer the following statements true (T) or false (F)
1) Refer to the diagram for a nondiscriminating monopolist. At output M total cost will be 0CHM.
2) Refer to the diagram for a nondiscriminating monopolist. From society's point of view it would be desirable to have the monopolist produce a larger output than M.
3) Refer to the diagram for a nondiscriminating monopolist. If the government regulates the monopolist so that it charges the "fair return" price, the monopolist will produce output N.
4) Refer to the diagram for a nondiscriminating monopolist. If the government regulates the monopolist so that it charges the socially optimal price, the monopolist w
1) F
2) T
3) F
4) T
5) F
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Based on the data in the table above, at the short-run equilibrium
A) the unemployment rate is less than the natural unemployment rate. B) the unemployment rate is greater than the natural unemployment rate. C) the money wage rate will rise in the long run. D) the economy is at full employment.
Economic profit is found by subtracting accounting costs from total revenue.
Answer the following statement true (T) or false (F)
?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. April's opportunity cost of painting one snowboard is painting:
A. 1.5 kites. B. 3 kites. C. 4 kites. D. 12 kites.
Household income comes from three main sources: wages and salaries, property, and government.
Answer the following statement true (T) or false (F)