The demand equation for a single price monopolist is P = 120 - 3Q. The marginal revenue curve for this monopolist is
A. 120 - 1.5Q.
B. 60 - 6Q.
C. 60 - 3Q.
D. 120 - 6Q.
Answer: D
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When the United States sends money to the Philippines to help typhoon survivors, the transaction is recorded in
A) the financial account. B) the capital account. C) the current account. D) the foreign exchange account.
If a firm increases inputs by 15 percent and output increases by 12.5 percent, the firm is experiencing
A. increasing returns to scale. B. decreasing returns to scale. C. constant returns to scale. D. increasing costs per unit of output.
A game with a first-mover advantage is one in which:
A. the first player to move determines the payoffs for the rest of the game. B. the player who chooses first gets a higher payoff than those who follow. C. the player who chooses first gets to decide if a repeated game will start with cooperation from the beginning. D. None of these statements is true.
The demand for an input is:
A. sloping upward. B. derived from input owner's profit-maximizing condition. C. determined by MPL = W. D. the VMP of the input.