Refer to the graph below showing the revenue curves for a monopolist. Total revenue will be greatest at what output level?
A. Q1
B. Q2
C. Q3
D. Q4
C. Q3
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If stricter immigration laws are imposed and many foreign workers in the United States are forced to go back to their home countries,
A) we will move down along the long-run aggregate supply curve. B) we will move up along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.
Bundling of products becomes _____, if the valuations of different customer groups are _____
a. more profitable; positively correlated b. less profitable; perfectly elastic c. less profitable; positively correlated d. more profitable; perfectly elastic
An unexpected increase in the supply of money will
a. reduce the real rate of interest and, thereby, trigger an increase in current spending by households and businesses. b. reduce aggregate demand and real output in the short run. c. increase only the general level of prices in the short run. d. lead to a higher rate of unemployment in the short run.
The nation of Openia allows free trade and exports steel. If steel exports were prohibited, the price of steel in Openia would be ________, benefiting steel ________.
a. lower, consumers b. higher, producers c. lower, producers d. higher, consumers