Under normal monopoly, price exceeds marginal cost, which implies that the:
A. total benefit to society of producing output is less than the total cost.
B. total cost to society of producing output is less than the total benefit.
C. marginal cost to society of increasing output is greater than the marginal benefit.
D. marginal cost to society of increasing output is lower than the marginal benefit.
Answer: D
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One way in which the Phillips curve is misinterpreted is to think of it as
a. a model of economic activity that explains changes in unemployment and inflation by changes in aggregate demand. b. a statistical relationship between inflation and unemployment. c. depicting a number of alternative equilibrium points the economy could achieve. d. All of the above.
Most business firms in the United States are corporations.
Answer the following statement true (T) or false (F)
A local restaurant has prepared a new recipe for its lunch menu. Which form of nonprice competition is this?
(A) Physical characteristics (B) Location (C) Image (D) Service level
Why might better food and health care result in faster economic growth?
What will be an ideal response?