A single-price monopoly is characterized by a marginal revenue curve that is
A) upward sloping.
B) downward sloping.
C) horizontal.
D) vertical.
B
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The above figure shows the market for labor. The employer is a monopsony. If a minimum wage of $10 is imposed, the equilibrium level of employment is
A) 200 hours per day. B) 400 hours per day. C) 600 hours per day. D) 800 hours per day.
If there is surplus of loanable funds, then
a. the supply for loanable funds shifts right and the demand shifts left. b. the supply for loanable funds shifts left and the demand shifts right. c. neither curve shifts, but the quantity of loanable funds supplied increases and the quantity demanded decreases as the interest rate rises to equilibrium. d. neither curve shifts, but the quantity of loanable funds supplied decreases and the quantity demanded increases as the interest rate falls to equilibrium.
Name two occupations that have the two characteristics required for the superstar phenomenon
A firm derives revenue from two sources: goods X and Y. Annual revenues from good X and Y are $10,000 and $20,000, respectively. If the price elasticity of demand for good X is ?4.0 and the cross-price elasticity of demand between Y and X is 2.0, then a 2 percent decrease in the price of X will:
A. leave total revenues from X and Y unchanged. B. decrease total revenues from X and Y by $200. C. increase total revenues from X and Y by $520. D. decrease total revenues for X and Y by $600.