Every point on a linear demand curve has the same elasticity.
Answer the following statement true (T) or false (F)
False
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Suppose a monopoly can sell 10 units of output for $21. In order to sell 11 units of output, the price must fall to $20. What is the marginal revenue of the 11th unit?
A) $41 B) $20 C) $10 D) $1 E) $220
Special Grapes is a new wine company that wants to locate its vineyard in Sonoma Country, California, an exclusive area of the world for wineries. Which of the following will likely have the largest effect on Special Grapes' input prices?
A) land prices in Sonoma County, California B) compensating wage differentials C) traffic regulations in Sonoma County, California D) the additional wages Special Grapes will have to pay its employees to work in Sonoma County, California
What would be the profits for Irene's Dairy in equilibrium?
a. 5 million loss b. 5 million c. 10 million d. 20 million
When the inflation rate is high and volatile,
What will be an ideal response?