Suppose a monopolist sells 10,000 units of output at $22 per unit. The firm's total revenue is
A. $2,200.
B. $22,000.
C. $220,000.
D. $2,200,000.
Answer: C
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Refer to Figure 2-7. Assume a technological advancement greatly reduces the cost to produce self-driving vehicles. This is best represented by the
A) movement from K to L in Graph C. B) movement from G to H in Graph B. C) movement from H to J in Graph B. D) movement from E to F in Graph A.
Income distribution in the United States has become more equal since 1980
Indicate whether the statement is true or false
It's logical, it's a rule of thumb, it's an economic guideline: As long as MR < MC, and the firm responds by increasing the quantity it produces,
a. profit will equal zero b. profit will increase c. profit will decrease d. profit will remain unchanged e. the firm will minimize loss
In the long run, firms will enter a perfectly competitive market if the existing firms are making:
A. a profit. B. zero profits. C. negative profits. D. Any of these could be true.