Which of the following statements applies to a monopolist but not to a perfectly competitive firm at their profit-maximizing outputs?
A) Average revenue equals average cost. B) Marginal revenue is less than price.
C) Price equals marginal cost. D) Marginal revenue equals marginal cost.
B
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During the first 6 months of 2008, the United States imported from Africa, Asia, and Latin America more than 1.6 billion pounds of coffee and did not export any coffee
How is the gain from imports distributed between consumers and domestic producers? A) U.S. producer surplus shrinks. B) U.S. consumer surplus increases. C) Total U.S. surplus increases. D) All the above answers are correct.
All normal goods have
A) income elasticities of demand greater than 1.0. B) price elasticities of demand greater than 1.0. C) negative price elasticities of demand. D) positive income elasticities of demand.
How does the distribution of wealth differ from the distribution of income in the United States?
What will be an ideal response?
An international agreement established in 1947 to further world trade by reducing barriers and tariffs is the
A) World Trade Organization. B) European Union. C) General Agreement on Tariffs and Trade. D) North American Free Trade Agreement.