Refer to Scenario 13.2 below to answer the question(s) that follow. SCENARIO 13.2: The government of Stratospheria is currently inviting investors to bid for the exclusive right to provide cable television service to its residents. The market demand for this service is P=55-0.01Q, where Q is the number of households that would subscribe to the cable service and P is the monthly fee charged to the subscribers. The associated marginal revenue curve is MR=55-0.02Q. Fun Cable Company is interested in bidding for the right to provide cable service in Stratospheria. It has a constant average and marginal cost of $5 for providing cable service to each household.Refer to Scenario 13.2. If Fun Cable Company were to be awarded the exclusive right to provide cable service in Stratospheria,
how many households would it service?
A. 2,500
B. 2,750
C. 5,500
D. 5,000
Answer: A
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Technological advancements in the antebellum period were
(a) constant and stable. (b) almost non-existent. (c) concentrated in manufacturing. (d) slow in coming but labor-saving—especially in agriculture—when they emerged.
What does it mean for the U.S. economy to have a positively skewed wage distribution?
A. A large proportion of workers earn very high wages. B. The distribution of wages is symmetric around the mean. C. The average wage equals the median wage. D. Most workers earn below the average wage. E. The mean wage equals the median wage.
The Social Security Act was passed during the administration of President ______________________.
Fill in the blank(s) with the appropriate word(s).
Formation of trade blocs can be considered beneficial because it
A. diverts world trade from low-cost producers to high-cost producers by encouraging too much trade within blocs. B. causes international friction when certain countries are let in the bloc and others are left out. C. encourages purchases from higher-cost producers. D. encourages increased total trade by each member country.