Which of the following statements is correct?
a. If the monopolist's marginal revenue is greater than its marginal cost, the monopolist can increase profit by selling more units at a lower price per unit.
b. If the monopolist's marginal revenue is greater than its marginal cost, the monopolist can increase profit by selling fewer units at a higher price per unit.
c. When a monopolist produces where price equals the minimum of average total cost, it earns a positive economic profit.
d. If the monopolist is earning a positive economic profit, it must be producing where MR = MC.
a
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Which of the following is not a reason for firms to choose a salary system rather than a commission system to compensate their employees?
A) If workers are paid on the basis of the number of units of output they produce, they may become less concerned about quality. B) Commission compensation systems are riskier for employees than a salary system, and many workers dislike risk. C) Research has shown that most companies will find that a salary system will be more profitable than a commission system. D) It is often difficult to attribute output to particular workers.
How much would Samantha be willing to pay for the insurance?
a. $1000 b. $1100 c. $2500 d. $2600
Which of the following best illustrates the medium of exchange function of money?
a. You keep some money hidden in your shoe. b. You keep track of the value of your assets in terms of currency. c. You pay for your oil change using currency. d. None of the above is correct.
Which of the following is NOT one of a group of variables that make up the Index of Leading Indicators?
A. New building permits issued B. The unemployment rate C. Index of stock prices D. The money supply