Number of WorkersUnits of Output001402903126415051656180Refer to the above data. Diminishing marginal returns become evident with the addition of the:
A. third worker.
B. second worker.
C. sixth worker.
D. fourth worker.
Answer: A
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In average cost pricing, the natural monopoly would have to set price equal to
A) AFC. B) AVC. C) ATC. D) MC.
The price elasticity of demand for a linear demand curve follows the pattern (moving from high prices to low prices):
a. elastic, unit elastic, inelastic. b. unit elastic, inelastic, elastic. c. inelastic, unit elastic, elastic. d. elastic, inelastic, unit elastic.
A cartel:
a. is a group of firms formally agreeing to control the price and the output of a product. b. has as its primary goal to reap monopoly profits by replacing competition with cooperation. c. is illegal in the United States, but not in other nations. d. all of these.
If orange juice and apple juice are substitutes, an increase in the price of orange juice will shift the demand curve for apple juice to the left
a. True b. False Indicate whether the statement is true or false