To maximize profits, an unregulated natural monopolist would choose which combination of price and output in Figure 27.1?
A. P1, Q1.
B. P4, Q4.
C. P2, Q2.
D. P3, Q3.
Answer: C
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Gross domestic product (GDP) is a poor measure of social well-being because:
a. the value of leisure time is included in GDP accounting. b. the revenue earned through exports is ignored c. each dollar of government spending is valued at less than one-half of private spending. d. consumer spending is more important than business spending and should be considered more valuable. e. it values products at their market prices but ignores services produced.
Which of the following is usually a durable good?
A. A unit of labor B. The interest rate C. A depletable resource D. A capital good
If the marginal rate of substitution of X for Y is 2, the price of X is $3, and the price of Y is $1, a utility-maximizing consumer should
A. prefer 3Y to 1X. B. be indifferent between 1X and 2Y. C. choose less X and more Y. D. choose more X and less Y.
When a person responds to a neutral stimulus ________ is being used.
a. classical conditioning b. operant conditioning c. extrinsic reinforcer d. intrinsic reinforcer