A monopoly market is characterized by a single seller of a product which has few, if any, suitable substitutes
a. True
b. False
Indicate whether the statement is true or false
True
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In the loanable funds market, if the government is running a deficit
a. it is a supplier of funds as it is taking in more than it is spending b. it is a demander of funds as it is taking in more than it is spending c. it is a supplier of funds as it is spending more than it is taking in d. it is neither be a supplier or demander e. it is a demander of funds as it is spending more than it is taking in.
Stephan prefers practicing his keyboard everyday instead of writing articles for the local newspaper, despite the fact that the newspaper will pay him $10 for every 100 words he writes. This implies that: a. his labor supply curve is a horizontal straight line. b. he has a high opportunity cost of leisure
c. his labor supply curve is negatively sloped. d. he places a high value on time spent in leisure.
When creating market demand curves for privately produced and privately consumed goods, we
A. add the price paid at each quantity. B. take an average of the quantity demanded at each price. C. take an average of the price paid at each quantity. D. add the quantity demanded at each price.
Total revenue for producing eight units of output is $48. Total revenue for producing nine units of output is $63. Given this information, the:
A. average revenue for producing nine units is $1. B. average revenue for producing nine units is $15. C. marginal revenue for producing the ninth unit is $15. D. marginal revenue for producing the ninth unit is $1.