____________ are an example of a bilateral monopoly.
A. Auto workers and auto companies
B. Teachers in most large school districts
C. Aerospace workers and Boeing
D. All of these choices are examples.
D. All of these choices are examples.
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When an average total cost pricing rule is enforced, average total cost equals ________
A) marginal revenue B) total revenue C) price D) average total cost
A U.S. firm that outsources jobs would be
A. Buying raw materials from a Chinese firm instead of a U.S. firm. B. Buying computers assembled in Mexico that used U.S. parts. C. Building a factory in Canada and hiring Canadian workers. D. All of the choices are correct.
The "Law of Diminishing Returns" states that
A) additional inputs will reduce output. B) additional inputs will decrease average productivity. C) the supply of inputs is becoming scarce. D) additional inputs will lead to less additional output.
Use the above figure. When the price increases from $2 to $10, the absolute price elasticity of demand is
A) 0.67. B) 1.50. C) 0.25. D) 1.00.