Figure 11-2
For the monopolist show in Figure 11-2, how much profit is the monopolist making per unit?
A. The amount shown as HE
B. The amount shown as GE
C. The amount shown as HF
D. The amount shown as FE
Answer: C
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If you get a job and are never required to join the union, this is known as a(n)
A) closed shop. B) open shop. C) agency shop. D) union shop.
Which of the following is a determinant of the price elasticity of demand for an item?
A) the availability of a close substitute for the item B) the percentage of a consumers budget allocated to expenditures on the item C) the amount of time available to adjust to a change in the price of the item D) All of the above are correct.
Agreements among competing sellers to maintain prices and share markets
A) are usually unenforceable in court and illegal under many state laws and under federal law where applicable. B) are very common because they lead to economies of scale and hence greater efficiency. C) enable all sellers to cover their sunk costs but do not guarantee that any seller will be able to cover marginal cost. D) usually result in greater total output but also in higher prices to consumers.
Everything else remaining unchanged, what is likely to happen to the equilibrium real interest rate and quantity of credit if the credit demand curve shifts to the right?
A) Both equilibrium rate of interest and quantity of credit will decrease. B) The equilibrium rate of interest will decrease and the quantity of credit will increase. C) Both equilibrium rate of interest and quantity of credit will increase. D) The equilibrium rate of interest will increase and the quantity of credit will decrease.