The figure above shows a monopoly firm's demand curve. If the price and quantity of haircuts move from point t to point r, the monopoly's
A) total revenue will rise.
B) total revenue will fall.
C) total revenue will remain the same.
D) marginal revenue will decrease.
B
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Economic progress is best measured by
A. the growth rate of prices over time. B. the growth rate of GDP per capita. C. the amount of working time needed for an individual worker to afford certain goods and services. D. the annual growth rate in the population.
Human capital is
a. the same thing as technological knowledge. b. the same thing as labor. c. the tools and equipment operated by humans. d. knowledge and skills that workers have acquired.
Suppose the market consists of 3 individuals: Citizen A, Citizen B and Citizen C.
If the good shown on the graphs is a private good, then at a price of $4, market demand is ________ units.
A. 5 B. 30 C. 60 D. 10
Refer to the above graph. A decrease in supply would best be reflected by a change from:
Point 2 to point 1 Point 3 to point 6 Point 5 to point 2 Point 5 to point 1