Suppose you have a choice between studying one more hour for your history exam or studying one more hour for your psychology exam. Your decision on what to study should be based on:
a) the additional benefits of studying for each class.
b) which class you like the most.
c) how much time you have already studied for each class.
d) your current average scores in each class.
a) the additional benefits of studying for each class.
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If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the deadweight loss from monopoly equals
A) $21. B) $441. C) $882. D) $1,764.
Marginal revenue is the change in:
a. total revenue resulting from a one unit change in output. b. total revenue resulting from a change in marginal cost. c. price resulting from a one unit change in output. d. none of these.
Using the below graph give the slopes of the straight lines tangent to the curve at points A, B, and C
Please provide the best answer for the statement.
The price system allocates resources efficiently EXCEPT when
A. the production of a good affects parties other than its buyers and sellers. B. consumers decide they want more of a good. C. resources are utilized to produce the highest-valued goods and services. D. voluntary exchange exists.