This table represents the revenues faced by a monopolist.PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000 $9002$1,800 $8003$2,400 $7004$2,800 $6005$3,000 $5006$3,000 $4007$2,800 Using the information in the table shown, the average revenue for this firm:
A. increases as output increases.
B. remains constant regardless of level of output.
C. decreases as output increases.
D. is maximized when total revenue is maximized.
Answer: C
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About 46 percent of M1 is composed of
A) demand deposits. B) money market mutual funds. C) savings deposits. D) currency held by the public.
Due to the law of diminishing marginal utility, _____
a. the first unit of a product offers more satisfaction than the last unit of the same product b. the marginal utility curve is upward sloping c. when marginal utility becomes negative, total utility increases d. marginal utility is zero when total utility is zero e. when marginal utility becomes positive, total utility declines
The first major piece of antitrust legislation was
a. Clayton Act b. Celler-Kefauver Act c. Sherman Act d. Rockefeller Act e. Robinson-Patman Act
Which of the following statements is true?
A. When the forces of supply and demand determine for whom goods are produced in a society, an equitable distribution of income will naturally result. B. An external cost will occur when some of the benefits derived from production of some good or service are enjoyed by a third party. C. One of the roles of the United States' government is to transfer some income from the rich and the middle class to the poor. D. According to most economists' definition of competition, the American economy is very competitive.