A profit-maximizing output for a single-price monopoly is determined by the intersection of the ________ curves and the profit-maximizing price is found on the ________ curve
A) marginal cost and marginal revenue; marginal revenue
B) marginal cost and marginal revenue; demand
C) total revenue and total cost; total revenue
D) marginal cost and average total cost; demand
E) demand and supply; supply
B
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The aim of development aid is basically to:
A) eradicate poverty. B) minimize international trade. C) eradicate corruption. D) boost population growth.
A weakness in the classical economic claim that a recession is caused by a decrease in labor demand curve is
a. that labor demand never changes b. that labor demand increases during a recession c. that labor supply decreases during a recession d. the confusion between a shift of the labor demand curve and a movement along that curve e. the impossibility in the classical model of total spending ever being deficient
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph.
If the manufacturer of the new drug chose to increase its price from $70 to $75, consumers would buy ________ doses, and have ________ total expenditures.
A. more; higher B. more; lower C. fewer; lower D. fewer; higher
A U.S. firm buys apples from New Zealand with New Zealand dollars it got in exchange for U.S. dollars. New Zealand residents then use these dollars to purchase oranges from the U.S. Which of the following increases?
a. New Zealand's net capital outflow and New Zealand's net exports b. only New Zealand's net exports c. only New Zealand's net capital outflow d. neither New Zealand's net exports nor New Zealand's capital outflow