Given the information in Scenario 14.1, what is the marginal revenue product of labor?
A) 0.5L-1/2
B) 2L-1/2
C) 12L-1/2
D) 24L-1/2
D
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An unregulated, single-price monopoly is shown in the figure above. If its fixed cost is $20, the monopoly's total economic profit when it is maximizing its profit will be
A) negative. B) $0. C) $25. D) $50.
Included on the board of directors of Microsoft are John W. Stanton, the chairman of Trilogy Equity Partners, the president of Harvey Mudd college Maria M. Klawe, and the former vice chairman of Bank of America Charles H. Noski
These three board members do not have a direct management role with Microsoft and are therefore referred to as A) competitive directors. B) outside directors. C) inside directors. D) honorary directors.
Suppose the quantity of x is measured on the horizontal axis. If the price consumption curve is vertical when the price of x changes, then the demand for x is
A) perfectly elastic. B) perfectly inelastic. C) unit elastic. D) There is not enough information to determine the price elasticity of demand for x.
Why is it important to use real GDP rather than nominal GDP figures when making comparisons of output across time periods?
a. The real GDP figures are a better measure of changes in the general level of prices. b. The real figures will reflect changes in the quantity of output and not changes in the general level of prices. c. The real figures will reflect changes in the general level of prices as well as changes in the quantity of output. d. The real GDP figures adjust for changes in the level of employment.