Many economists criticize monopolists because they produce at output levels that are not efficient, that is to say, monopolists
a. charge too high a price
b. don't innovate
c. produce a large quantity of waste
d. usually don't produce at their minimum ATC
e. may be profit conscious but they don't realize that maximum profit means maximum efficiency
D
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The study of the aggregate economic variables is
A) macroeconomics. B) microeconomics. C) positive economics. D) normative economics.
Select the graph below that best shows the change in the market specified in the following situation: In the market for Florida oranges, when a major frost damages the orange crop in California
Assume that the graphs show a competitive market for the product stated in the question.
A. Graph A
B. Graph B
C. Graph C
D. Graph D
A worker would be hurt least by inflation when the
A. worker is protected by a cost-of-living adjustment clause in an employment contract. B. worker anticipates inflation and increases savings at the bank. C. worker is protected by fixed annual increases in wages and benefits in an employment contract. D. government increases the level of social security retirement benefits to correct for the effects of expected inflation.
Refer to the information provided in Table 6.1 below to answer the question(s) that follow. Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. The marginal utility of the second hamburger per day is
A. 10. B. 15. C. 22. D. 52.