Refer to the above table. What are total fixed costs at an output of 3 units?
A. $150
B. $270
C. $120
D. $90
Answer: A
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Refer to Market Diagram. What area represents the producer's surplus earned in the monopoly equilibrium?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area A + C + F.
b. Area C + F.
c. Area C + D + F + G.
d. Area C + D + E.
Compared to many other countries, the United States has: a. fewer banks, with assets distributed more evenly
b. fewer commercial banks, with assets concentrated in a few large banks. c. more banks, with assets concentrated in a few large banks. d. more commercial banks, with deposits widely distributed among the banks. e. more commercial banks, with deposits concentrated in a few large banks.
To protect themselves from the effects of inflation, lenders try to estimate the expected rate of inflation
a. True b. False Indicate whether the statement is true or false
If a product provides a positive externality, a duopoly
A) will provide more social welfare than a monopoly. B) will provide less social welfare than a monopoly. C) will provide the same social welfare as a monopoly. D) introduces an interesting and untested twist to the externality story.