For a single-price monopolist, marginal revenue is less than price because
A) the revenue gain from the last unit sold is offset by a revenue loss on the units that previously had been sold at a higher price.
B) the revenue gain from the last unit sold is offset by further gains in price on units not sold at all.
C) total revenue always decreases as output increases.
D) the price does not have to be lowered on all previous units sold.
A
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The two most important factors contributing to increased productivity in industrialized countries in the twentieth century were:
A. higher relative prices and technological progress. B. higher relative prices and a larger labor supply. C. technological progress and increases in the labor supply. D. technological progress and increases in the capital stock.
If the Fed sells securities on the open market, this will
a. decrease banks’ excess reserves. b. increase banks’ excess reserves. c. leave banks’ excess reserves unchanged. d. lower the reserve requirement.
Suppose the real exchange rate of 10 Mexican pesos to the dollar changes to 9 pesos to the dollar. In this situation, the dollar has __________________, making American goods __________ expensive for Mexicans
A) appreciated; less B) appreciated; more C) depreciated; less D) depreciated; more
If the demand for legal services decreases, the demand for legal assistants probably will:
A. increase. B. decrease. C. not be affected. D. change in a manner that cannot be predicted.