Using n to represent price elasticity of demand, a simple monopolist will find that its marginal revenue at any point along its demand curve is equal to price at that point multiplied by
a. (1 - 1/|n|)
b. 1/|n|
c. |n|
d. |n|*MC
a. (1 - 1/|n|)
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If you take a maximin strategy
A) you are irrational according to economic definition. B) you are ensuring that the other player gets the worst possible outcome. C) you are getting the best possible outcome given that the other player does the thing that's worst for you. D) then both players are doing the best they can given the payoffs in the game.
According to the National Journal, the rise in two-career high-earning couples alongside the rise of ________________ accounts for roughly half of the rise in income inequality across households in recent decades.
a. single-parent households b. minimum-wage jobs c. workers being replaced by robots d. fewer young people attending college
Patents
A. create monopolies and are thus efficient. B. are granted for a period of 10 years in the United States. C. slow the flow of benefits from research and development to consumers. D. All of the above are correct.
When the English pound appreciated against a colonial currency, this signaled
(a) that colonists needed more colonial currency to buy an English pound. (b) that colonists needed less colonial currency to buy an English pound. (c) that colonists needed more colonial and Spanish currency to buy an English pound. (d) nothing of economic importance.