When a monopolist faces a fixed marginal cost of production, profit is maximized if:
a. the slope of the tangent to the total revenue curve is equal to the slope of the total cost curve.
b. the slope of the total cost curve is 1.
c. the marginal revenue is zero.
d. the slope of the tangent to the total revenue curve is equal to the slope of the marginal revenue curve.
A
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One reason the U.S. government is sensitive to demands by the elderly is that the elderly have higher voter participation rates than members of other age groups
a. True b. False
Answer the following statements true (T) or false (F)
1. As the price of U.S. dollars decreases, more foreign currency is required to purchase dollars. 2. If the exchange rate between the U.S. dollar and the Swiss franc changes from 75 cents per Swiss franc to $1 per Swiss franc, the dollar has depreciated, since its value has declined. 3. Appreciation of the U.S. dollar encourages travel abroad by U.S. citizens. 4. Under a system of floating exchange rates, exchange rates are allowed to rise or fall according to supply and demand. 5. A nation on the gold standard would convert its currency into gold on demand.
What are the three basic questions faced by every economy?
a. What, how, and for whom will goods be produced? b. When, where, and how much will be produced? c. Why, where, and when will goods be produced? d. How, how much, and why will goods be produced?
Which of the following statements is true?
A. "Extreme poverty" refers to an income of less than $2 per day. B. U.S. GDP per capita is five times larger than the world average. C. The poorest nations of the world have average incomes of $5,000. D. According to world standards, 12 percent of Americans are poor.