Refer to the above table. Given the demand and cost schedules, what is the profit maximizing quantity for this monopolist?
A. 14
B. 25
C. 30
D. 19
Answer: B
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When the value of U.S. merchandise exports is less than the value of U.S. merchandise imports,
a. the exchange rate, other currencies per dollar, appreciates b. the value of the dollar must fall c. there will be an increase in the demand for dollars d. an unfavorable balance of trade results e. foreign currency reserves must fall
If the cost of acquiring more information outweighs the benefit of having more information about a good, then we can predict:
A. the exchange will take place, but will be regretted in the future. B. the exchange will definitely not take place. C. the exchange may take place anyway. D. the exchange will not benefit anyone.
Economists generally believe that, relative to the true cost of living, the CPI
A. understates it by a factor of 2 (meaning that inflation is actually twice as bad as the government states). B. overstates it by a factor of 2 (meaning that inflation is really only half as bad as the government states). C. is perfectly measured. D. overstates it by a difference of about .8% (meaning that an official inflation rate of 1.8% is really only about 1%).
The field of environmental economics is concerned with
A. economies of scale. B. public goods. C. externalities. D. government inefficiency.