Under a policy of average-cost pricing, a monopolist must charge the price at which its ________ cost curve intersects its ________ curve.
A. marginal; demand
B. average variable; demand
C. marginal; marginal revenue
D. average; demand
Answer: D
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When spending is less than production, inventories are higher than what producers expected.
Answer the following statement true (T) or false (F)
In recent years the economy of Japan has grown, despite the fact that the population of Japan has declined. Which of the following would best explain Japan's economic growth despite having a smaller population?
What will be an ideal response?
The process by which new firms and new products replace existing dominant firms and products is called:
A. monopolistic competition. B. the inverted-U process. C. process innovation. D. creative destruction.
The more times a worker performs a particular task, the more proficient the worker becomes at that task. This source of productivity increase is called:
A. continuity. B. innovation. C. specialization. D. repetition.