Marginal revenue, average revenue, and price are all equal for a monopolist
a. True
b. False
B
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Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice per Unit18$22103315441855206If year 2 is the base year, then real GDP in year 5 is ________.
A. $90 B. $60 C. $30 D. $120
To show the values of an economic variable for different groups in a population at a point in time, it is best to use a
A) trend-section diagram. B) cross-section graph. C) linear graph. D) time-series graph. E) scatter diagram.
The quantity supplied of a good:
A) is inversely related to the price of the good. B) is determined irrespective of the market price. C) is always equal to the quantity demanded of the good. D) is the amount of the good that sellers are ready to supply at a given price.
Lenders prefer to lend to firms with high net worth because
A) such firms are usually willing to pay higher interest rates. B) the owners of such firms have more to lose if the firm defaults on a loan. C) the government requires most bank loans to be made to such firms. D) such firms usually are unable to raise funds directly through financial markets.