A portrait photographer produces packages of 100 photos. If sales increase from 600 to 700 packages, total revenue increases from $1,200 to $1,400 . The marginal revenue per photo of the 700th package is
a. $200
b. $100
c. $20
d. $2
e. $1
D
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In June, buyers of titanium expect that the price of titanium will fall in July. What happens in the titanium market in June, holding everything else constant?
A) The quantity demanded increases. B) The demand curve shifts to the left. C) The quantity demanded decreases. D) The demand curve shifts to the right.
The figure below shows the marginal benefit curves for the two firms in an industry, Firm 1 and Firm 2. Which of the statements below is correct?
A) At $250, the industry-wide marginal benefit from advertising is 4 hours.
B) The industry-wide marginal benefit from 1 hour of advertising is $300.
C) The industry-wide marginal benefit from 1 hour of advertising is $550.
D) None of the above statements is correct.
A profit?maximizing firm in a monopolistically competitive market structure behaves much like a ________ in the short run.
A. dominant firm B. monopolistic firm C. Cournot duopolist D. perfectly competitive firm
Monitoring of employees
A) is only effective while the employees are working, so that payment may be withheld for shirking. B) can be effective after-the-fact if the shirking behavior can be detected later and the employee punished. C) is only effective after-the-fact when it is possible to fire them for shirking. D) None of the above.