A monopolist sells 6 units of a product per day at a unit price of $15. If it lowers price to $14, its total revenue increases by $22. This implies that its sales quantity increases by:
A. 4 units per day
B. 3 units per day
C. 2 units per day
D. 1 unit per day
C. 2 units per day
You might also like to view...
A recessionary gap is the amount by which
A) the short-run equilibrium level nominal GDP is above the short-run real GDP. B) the short-run equilibrium level nominal GDP is below the short-run real GDP. C) total planned real expenditures exceed total planned production in the long run. D) the short-run equilibrium level of real GDP is below the full-employment level of real GDP.
Suppose the government's initial debt is $350 billion and that during the next two years the government runs deficits of $90 and $40 billion
If during the third year the government has a $70 billion surplus, the government's total debt at the end of the three years will be A) $60 billion. B) $200 billion. C) $410 billion. D) $550 billion.
If the real interest rate is 4 percent and the nominal interest rate is 7 percent, this implies an expected inflation rate of
A) 3 percent. B) 4 percent. C) 5.5 percent. D) 11 percent.
What is the difference between a command economy and a laissez-faire economy?
What will be an ideal response?