Refer to Monopoly Problem. How much consumer surplus will there be when this monopolist charges its profit maximizing price?
Consider a monopoly with constant marginal costs of $20. Consumers in the market for this monopoly’s product have demand of Q = 100 - 2P.
a. $225
b. $450
c. $900
d. $1800
a. $225
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The law of diminishing returns occurs because
A) the marginal product of an additional worker is greater than the marginal product of the previous worker. B) the marginal product of a variable input, such as labor, depends in part on the amount of fixed inputs, such as capital. C) total production decreases as more of the variable inputs are used. D) adding more and more workers leads to a decrease in the quantity of capital.
Answer the following statement(s) true (T) or false (F)
1. Recently, the EPA announced a set of 6 principles to facilitate the reauthorization and strengthening of TSCA. 2. The Green Chemistry Program calls for a commitment by all participants in the product cycle to reduce environmental effects of products. 3. According to the textbook application, the Responsible Care Program was launched in the U.K. 4. Risk perception of chemical exposure does not always align with actual risk.
Roberto consumes Coke exclusively. He claims that there is a clear taste difference and that competing brands of cola leave an unsavory taste in his mouth. In a blind taste test, Roberto is found to prefer Coke to store-brand cola eight out of ten times. The results of Roberto's taste test would refute claims by critics of brand names that
a. consumers are always willing to pay more for brand names. b. brand names cause consumers to perceive differences that do not really exist. c. consumers with the lowest levels of income are the most likely to be influenced by brand name advertising. d. brand names are a form of socially efficient advertising.
Angelee works for a major corporation overseeing quality control, and she earns $50,000 per year. She uses about ten percent of her pay to purchase household items, such as appliances, and spends another two percent on travel. She buys stock with about five percent of her pay. Explain which of her actions are part of the factor market and why?
What will be an ideal response?