Answer the following statements true (T) or false (F)
1) Refer to the diagram for a nondiscriminating monopolist. The profit-maximizing output for this firm is M.
2) Refer to the diagram for a nondiscriminating monopolist. At the profit-maximizing output the firm's economic profit will be BAFG.
3) Refer to the diagram for a nondiscriminating monopolist. At output R economic profits will be zero.
4) Refer to the diagram for a nondiscriminating monopolist. At output Q production will be unprofitable.
5) Refer to the
1) T
2) T
3) T
4) F
5) F
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At Revolution Doughnuts in Fort Collins, Colorado, a cup of coffee or a doughnut is $1. Suppose Hannah loves going to Revolution Doughnuts
Currently, her marginal utility per dollar from doughnuts is 14 and her marginal utility per dollar from coffee is 10. Is Hannah maximizing her total utility? A) No, she needs to buy more doughnuts and less coffee. B) No, she needs to buy more coffee and fewer doughnuts. C) Yes, she is maximizing utility. D) No, she needs to buy fewer doughnuts and less coffee.
In a cartel, participating members can cheat by
A) letting more entrants join the cartel. B) leaving the industry. C) producing a lower production level than the cartel quota. D) charging a slightly lower price and raising production.
The name given to government programs implemented to prevent or shorten recessions and counteract inflation is
a. supply-side economics. b. contractionary policy. c. monetary policy. d. stabilization policy.
As your wage increases, the ________ effect causes you to work more, but the ________ effect causes you to work less and demand more leisure
a. substitution; income b. income; substitution c. work; leisure d. leisure; work