What is Italy's opportunity cost of producing 3 art books?
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Which of the following is ALWAYS true for a profit-maximizing single-price monopolist?
A) p > Mc B) MR = MC C) p= MR D) all of the choices are always true
When output is above the full employment level of real GDP, the Federal Reserve banks should ________.
A. lower the federal funds rate B. buy bonds C. raise the discount rate D. lower the reserve ratio
If the quantity effect outweighs the price effect of a price increase, then demand is:
A. elastic. B. inelastic. C. unit elastic. D. normal.
Double markup problems arise when
a. upstream firms have no market power b. downstream firms have market power c. upstream and downstream products are unrelated in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product