Graphically, the marginal revenue curve of a monopolist
a. will sometimes lie below the demand curve of the monopolist.
b. will always lie below the demand curve of the monopolist.
c. is the same as the demand curve of the monopolist.
d. will equal -1 when the elasticity of demand is unitary.
B
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A publishing house is using 400 printers and 200 printing presses to produce books. The printers' wage rate is $20 and the price of a printing press is $100. The last printer added 20 books to total output, while the last printing press added 50 books to total output. The publishing house
A. could produce the same number of books at a lower cost by using more printing presses and fewer printers. B. should use more printing presses because they are more productive than printers. C. is using the cost-minimizing combination of printers and printing presses. D. could produce the same number of books at a lower cost by using more printers and fewer printing presses. E. should use more printers because they are cheaper than printing presses.
The United States is a mixed economy because there is a ______________________ sector and a _______________ sector.
Fill in the blank(s) with the appropriate word(s).
In the market for used cars, a surplus of used cars would, ceteris paribus:
Requiring cars in Los Angeles to reduce pollution by the same amount as cars in Topeka is inefficient
a. True b. False Indicate whether the statement is true or false