When a certain monopoly sets its price at $8 it sells 64 units. When the monopoly sets its price at $10 it sells 60 units. The marginal revenue for the firm over this range is
a. $11.
b. $22.
c. $33.
d. $44.
b
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The good for which neither the principle of mutual excludability nor the principle of rivalry applies is referred to as a:
a. public good. b. commons good. c. club good. d. normal good. e. private good.
Why do firms advertise?
a. to stabilize profits b. to eliminate zero profits c. to create a more elastic demand curve d. to create a less elastic demand curve
Where pollution is concerned, if an automobile driver considers only the internal costs of his actions, he is apt to
A) use resources very carefully and in small quantities. B) garage his car and drive very seldom. C) be making a positive contribution to the greater community. D) drive too much and use up more scarce resources than he would if he had to cover all his costs.
Medicaid is a health insurance program for the aged and certain disabled persons.
Answer the following statement true (T) or false (F)