Use the following graph to answer the next question.
At its short-run equilibrium, this pure monopoly generates ________.
A. a loss
B. an economic profit
C. zero revenue
D. a normal profit
Answer: B
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Explain how the market demand curve can be derived. Does the law of demand apply to the market demand curve?
What will be an ideal response?
Refer to Scenario 14.3. What is the marginal profit from hiring the third unit of labor?
A) 30 B) 65 C) 85 D) 225 E) none of the above
Which of the following is an example of positive rate of time preference?
a. buying a movie ticket the night the movie comes out b. waiting to read your favorite book until it comes out in paperback c. waiting until the new model of the car you want comes out d. none of the above are examples of the positive rate of time preference
When tariffs are imposed, the losers include
A. Domestic consumers and foreign producers. B. Domestic consumers and domestic producers of import-competing goods. C. Domestic consumers and the domestic government. D. Foreign consumers and domestic producers of import-competing goods.