Economic profit is the difference between total revenue and marginal revenue.
Answer the following statement true (T) or false (F)
False
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compared to simple pricingCompared to a perfectly competitive market, a monopolist will produce _____ and charge a _____ price.
a. less; higher b. less; lower c. more; higher d. more; lower
Define the quantity theory of money and show how it is related to the equation of exchange
What will be an ideal response?
The law of diminishing marginal utility means that: a. marginal utility is maximized when consumers get the same amount of total utility from every good they consume. b. total utility is maximized when consumers get the same amount of marginal utility from the last unit of every good they consume. c. beyond some point, added units of a product provide lower and lower amounts of marginal
utility. d. a consumer would get less utility from the last unit of a good consumed when that good costs $3 than when it costs $1.
Inefficiency exists in an economy when a good is
a. being produced with less than all available resources. b. not distributed fairly among buyers. c. not being produced by the lowest-cost producers. d. being consumed by buyers who value it most highly.