The implied production possibilities curve between work time and grades suggests that more hours spent working will mean more income, but also less study time and a lower grade average.
Answer the following statement true (T) or false (F)
True
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The pricing rule for a monopolist is:
A) P = MR > MC. B) P > MR > MC. C) P = MR = MC. D) P > MR = MC.
A monopoly differs from monopolistic competition in that
A) a monopoly has market power while a firm in monopolistic competition does not have any market power. B) a monopoly can never make a loss but a firm in monopolistic competition can. C) a monopoly faces a perfectly inelastic demand curve while a monopolistic competitor faces an elastic demand curve. D) in a monopoly there are significant entry barriers but there are low barriers to entry in a monopolistically competitive market structure.
Which of the following consumers would most likely be helped by a price ceiling?
a. Because of his low income, Ben can afford to rent an apartment at only $800 per month. b. Because of her significant raise, Juanita can afford a $30,000 car. c. Because of his sizable inheritance, Jacques can add an expensive addition to his home. d. Because of her steady income, Roberta can rent a vacation home in Hawaii.
Game theory suggests that, in the absence of patents, the privately motivated innovation decisions of firms might lead to:
A. too much innovation. B. the socially efficient level of innovation. C. too little innovation. D. None of the answers is correct.