If the monopolist’s supply curve is drawn, it is a positively sloped curve similar to that for the perfectly competitive market.
Answer the following statement true (T) or false (F)
False
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Answer the following statement(s) true (T) or false (F)
1. Producer's surplus is equal to total revenue minus consumer's surplus. 2. The efficiency criterion is normative in nature. 3. According to the efficiency criterion, when a policy creates both winners and losers, it will be preferred to the status quo as long as the winners' gains outweigh the losers' losses. 4. A given level of output is efficient if no more social gain can be obtained from changing the output level. 5. A $5 per unit sales tax is bad for consumers because it implies that the total amount (price plus tax) that they must pay increases by $5.
Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If Cindy produces 18 sweaters per day, what is her total cost?
A) $120 B) $140 C) $180 D) $60
What do all expansions and recessions since 1950 have in common?
a. Changes in oil prices. b. Changes in interest rates. c. Changes in spending. d. Changes in productivity. e. None of the above.
Which of the following goods is nonrival in consumption and excludable?
a. Grand Canyon National Park on a rainy, cool day b. Disney World on a rainy, cool day c. a crowded public beach on a sunny, warm day d. White Mountain ski resort on a sunny, mild day