An oligopoly is an industry with just one firm.
Answer the following statement true (T) or false (F)
False
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For a monopolist, at the profit-maximizing level of output:
A. price is greater than average revenue. B. average revenue is greater than marginal cost. C. marginal cost is greater than price. D. total revenue is equal to total cost.
Assume that the production of a good imposes external costs upon third parties. If the price and quantity of this good is set by supply and demand the price will be too:
a. high and quantity too low for efficient resource allocation. b. low and quantity too low for efficient resource allocation. c. low and quantity too high for efficient resource allocation. d. high and quantity too high for efficient resource allocation.
In the past 100 years the U.S. economy has primarily experienced
a. deflation. b. unemployment. c. inflation. d. depression.
Which of the following is likely to occur as the result of the law of diminishing marginal utility?
A) Petra's utility from her second apple was less than her satisfaction from her first orange. B) Hudson enjoyed his second slice of pizza more than his first. C) Sabine's utility from her first granola bar is greater than Rachel's utility from her second granola bar. D) Wesley enjoyed his second bottle of iced tea less than his first bottle, other things constant.