For a monopoly,
a. price and output are closely-linked choices
b. marginal revenue always exceeds marginal cost
c. price always exceeds average total cost in the short run
d. price is set independently from the output decision
e. price is always the highest that the market will bear
A
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The town of Marble Falls has 10 workers, of which 8 were employed and 2 were actively seeking work. After many months of seeking work, one of the unemployed workers became discouraged and stopped looking for work six weeks ago
The unemployment rate in Marble Falls is now A) 10%. B) 11.1%. C) 12.5%. D) 20%.
Refer to Figure 4-6. What area represents producer surplus at P2?
A) A + B + D B) B + D + G C) B + C + D + E D) B + D
Using only marginal revenue and marginal cost, we can determine whether a firm is incurring a profit or a loss.
Answer the following statement true (T) or false (F)
Holly reads that the US unemployment rate is 9.5% in August. She knows that there are labor ____ and that wages will eventually ____
Fill in the blank(s) with the appropriate word(s).