Refer to the information provided in Figure 13.3 below to answer the question(s) that follow. 
Figure 13.3Refer to Figure 13.3. The marginal revenue of the 12th pound of burritos is
A. -$4.
B. -$3.
C. $2.
D. $8.
Answer: B
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There are two people in an economy. Person A’s demand for a public good is Q = 10 - P and person B’s demand is Q = 20 - 2P. The highest total that A and B will be willing to pay for six units of the public good is
a. $3 b. $4 c. $7 d. $11
If a monopolist produces to a point at which marginal revenue is less than marginal cost then
A) profits are being maximized. B) profits will always be negative. C) the incremental cost of producing the last unit exceeds the incremental revenue. D) the incremental cost of producing the last unit is less than the incremental revenue.
While smoking is on the decline in the United States, China is still puffing away madly. That's not because the government is eager to protect its citizens from the hazards of smoking. It's because China is eager to protect its own tobacco industry which is a state monopoly. How would entry of foreign companies into the tobacco market affect the economic profit of the state monopoly?
A) Its economic profits would increase because of rent seeking activity. B) Its economic profits would decrease because of increased competition. C) Its economic profits would increase because of increased competition. D) Its economic profits would decrease because of rent seeking activity.
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Which of the following statements is true?
A. Tom experiences an economic loss of $6000. B. Tom has an opportunity cost of $41,000. C. Tom earns an accounting profit of $35,000. D. All of these are true.