A monopolist is not guaranteed positive economic profits solely because it is a monopoly since there may be no output for which
A. MC = MR.
B. TR = TVC.
C. TR > TC.
D. ATR < MR.
Answer: C
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Indicate whether the statement is true or false
If it is a cultural norm to believe that "a busy person is an important person," then we would expect the labor:
A. demand in that culture to be relatively greater at any wage. B. supply in that culture to be relatively lower at any wage. C. demand in that culture to be relatively lower at any wage. D. supply in that culture to be relatively greater at any wage.
An example of a nonrenewable resource would be:
A. wireless technology. B. a computer. C. sunlight. D. None of these is considered a nonrenewable resource.
If the number of unemployed equals 30,000, the number of employed equals 60,000, and the number not in the labor force is 10,000, the labor-force participation rate
A. is 90%. B. is 88.9%. C. is 67%. D. cannot be determined from this information.