When marginal cost is greater than marginal revenue, the monopolist can increase its profit or minimize its loss by
A. expanding output.
B. reducing output.
C. lowering price.
D. producing where price = ATC.
B. reducing output.
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Jill runs a factory that makes lie detectors in Little Rock, Arkansas. This month, Jill's 34 workers produced 690 machines. Suppose Jill adds one more worker and, as a result, her factory's output increases to 700 Jill's marginal product of labor from the last worker hired equals ________.
A) 10 B) 20 C) 690 D) 700 E) None of the above answers is correct.
If income rises and a good is inferior, then demand for that good will decrease
a. True b. False
Which of the following helps in determining whether health care cost rises because of government policy, or because of demand rising faster than supply?
a. Examining the market for health care away from the belief that the market outcome is unfair b. Examining the market for health care with the belief that the market outcome is unfair c. Examining the allocation system d. Examining the changes in the price of health care products e. Examining the changes in the number of suppliers of health care in the market
If the demand for online banking decreases, we would expect to see the
A. supply of workers that produce online-banking services to decrease. B. demand for workers that produce online-banking services to increase. C. supply of workers that produce online-banking services to increase. D. demand for workers that produce online-banking services to decrease.