On a graph, to determine the price a profit-maximizing monopolist would charge, find the quantity at which MC and MR intersect and read up to the demand curve
a. True
b. False
A
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Nearly a quarter of China's 1.3 billion people are under the age of 15. How will this affect high school enrollment over the next fifteen years? The labor market over the next fifteen years?
What will be an ideal response?
If an economist states that not enough of a good is being produced, she usually means that
A) not everyone can afford the good. B) price exceeds marginal cost. C) consumer surplus equals zero. D) at equilibrium, some people who still wish to sell the good cannot find a buyer.
Which of the following examples involves a nondurable good?
a. Luciana brings a fold-up chair to a picnic. b. Jacob rents a car to drive to a picnic. c. Karen uses a bowl for a picnic. d. Albert buys a pie for a picnic.
A perfectly elastic demand curve is
A. a downward sloping straight line. B. horizontal. C. a rectangular hyperbola. D. vertical.