When a monopolist sells two units of output its total revenue is $600. When a monopolist sells three units of output its total revenue is $690. When the monopolist sells three units of output, the price per unit is
A. $210.
B. $230.
C. $300.
D. $630.
Answer: B
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In the 1960s, the lyrics of a rock song asked, “Did you ever have to make up your mind to say yes to one and leave the others behind?” What economic principle was demonstrated in the song? Explain.
What will be an ideal response?
When the Lorenz curve lies above the diagonal,
a. the poorest 20 percent of the population receives more than 20 percent of income b. the richest 20 percent of the population receives more than 20 percent of income c. every quintile receives identical incomes d. it indicates that total income has increased even though the distribution of income remains unchanged e. it is incorrectly drawn because no Lorenz curve can lie above the diagonal
If demand is more elastic, the portion of an excise tax borne by a buyer will
a. increase. b. decrease. c. be unchanged. d. increase for normal goods, decrease for inferior goods.
Babe Ruth's 1931 salary was $80,000 . Government statistics show a consumer price index of 15.2 for 1931 and 215 for 2008 . Ruth's 1931 salary was equivalent to a 2008 salary of about
a. $536,000. b. $828,000. c. $1,131,000. d. $1,216,000.