Average cost can be thought of as the cost per unit.
Answer the following statement true (T) or false (F)
True
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The unregulated, single-price monopolist illustrated in the figure above makes an economic profit of
A) zero. B) $8.00 per day. C) $10.00 per day. D) $40.00 per day.
Who actually pays an excise tax
A. is determined by income bracket. B. is determined by who the law assigns the tax. C. is wage and salary earners but not people who have only investment income. D. is determined by the change in prices and outputs caused by the tax.
Joe is maximizing utility by consuming three colas at $2 apiece and four hot dogs. The last cola gave him 200 units of utility, and the last hot dog gave him 300 units of utility. The price of each hot dog is:
A. $1.00. B. $0.50. C. $3.00. D. $1.50.
If unemployment is above the natural rate, GDP is below potential output
a. True b. False