During 1980-2009, the countries achieving the most rapid growth of real GDP were nearly all
What will be an ideal response?
low-income less developed economies at the beginning of the period
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Which of the following is not a technical barrier to entry in a monopolized market?
a. A patent b. Decreasing average cost c. A low cost method of production known only by monopolists d. Increasing returns to scale
Peak-load pricing suggests that some prices are a function of
A) extensions. B) time. C) costs. D) constant elasticities.
The relationship between the marginal product of labor (MP), the product price (P) and the marginal revenue product of labor (MRP) in a perfectly competitive market is
a. MP = P x MRP b. MP = P + MRP c. MRP = P / MP d. MRP = P x MP e. MRP = P + MP
Refer to the following table:
The optimal level of activity is:
A. 2 B. 3 C. 4 D. 5 E. There is no optimal level in this case because marginal benefit does not equal marginal cost at any of the activity levels.