Which of the following is a characteristic of monopolies?
a. Producing less at a higher average cost
b. Producing more at a lower average cost
c. Eliminating price discrimination
d. Strengthening market forces
a. Producing less at a higher average cost
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In the figure above, if no one owns the lake, what is the deadweight loss in the market?
A) $2,400 per month B) $1,800 per month C) $3,600 per month D) zero
If a country has a 4 percent annual growth in real GDP and a one percent growth in population, its per capita growth of real GDP is
A) five percent. B) four percent. C) three percent. D) 1/4 = 0.25 percent.
One of the reasons why the AD curve slopes downward is that as the
A) price level rises, purchasing power rises. B) price level falls, purchasing power rises. C) nation's income level rises, purchasing power rises. D) nation's income level rises, purchasing power falls. E) This is a trick question, because the AD curve is upward sloping.
What statement best describes the relationship between average monthly water bills and precipitation levels in the United States?
a. Water bills are clearly higher where precipitation is lowest b. Water bills are clearly higher where precipitation is highest c. Water bills are mostly unrelated to precipitation levels d. Water bills are linked to precipitation only in Eastern cities e. Water bills are linked to precipitation only in Western cities