The monopolist's total revenue curve is represented graphically by a positively sloped line.
Answer the following statement true (T) or false (F)
False
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In the long run ________
A) the amount of output an economy can produce is determined by real variables like capital, labor and technological advances B) aggregate supply is fixed at the potential level of output C) there is enough time for prices to fully adjust so the classical dichotomy holds D) all of the above E) none of the above
Economics is best defined as the study of:
A. supply and demand. B. how people make choices in the face of scarcity and the implications of those choices for society as a whole. C. the financial concerns of businesses and individuals. D. inflation, interest rates and the stock market.
Suppose you are deciding whether or not to increase production. You are currently making a profit. If you produce one more unit, your increase in cost will be $10, your average variable costs will increase to less than that, and your average fixed costs will decrease. Finally, your average revenue will increase to $12, but your increase in revenue will be $14. You should
A. leave production unchanged because profit is maximized where you are. B. increase production by at least 1 unit. C. increase production by exactly 1 unit. D. redo the math associated with decreasing production because that may result in greater profit.
Mutual interdependence would tend to limit control over price in which market model?
A. Monopolistic competition B. Pure competition C. Pure monopoly D. Oligopoly