Which of the following is not generally true about a profit-maximizing monopolist?
a. The monopolist faces a perfectly elastic demand curve
b. The monopolist can potentially continue to earn economic profits in the long run.
c. The monopolist charges a price that exceeds marginal cost.
d. The monopolist chooses output where marginal revenue equals marginal cost.
a
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The maximum amount of production that can be produced while avoiding shortages of labor, capital, land, and entrepreneurship that would bring rising inflation is called
A) real GDP. B) nominal GDP. C) actual GDP. D) potential GDP.
What are the five characteristics that make an asset suitable to be used as a medium of exchange?
What will be an ideal response?
Exchange controls in Peru _________
a. reduce quotas b. are illegal c. reduce tariffs d. are designed to float the exchange rate e. will ease the pressure on Peru's foreign exchange reserves if its exchange rate is fixed
Refer to Figure 19.2. With no budget constraint, a rational consumer will consume
A. 1 apple. B. 0 apples. C. 6 apples. D. an infinite number of apples.