Refer to the figure above. If the average cost faced by the monopolist when it produces and sells the optimal output is $4, ________
A) it makes a loss of $60
B) it makes a loss of $120
C) it makes a profit of $60
D) it makes a profit of $90
C
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Isoquants
A) hold utility constant. B) hold capital constant. C) hold labor constant. D) hold output constant.
Which of the following does not result in a change in the demand for Mexican pesos?
a. changes in the supply curve of pesos on the foreign exchange market b. changes in U.S. income c. changes in U.S. tariff policy d. appreciation of the dollar e. devaluation of the peso
Price changes for complements and substitutes have the same effect on demand.
a. true b. false
The percentage of the population in the middle-class (defined by Pew as having income between 67% and 200% of median family income)
A. declined from more than 60% in the 1970s to 20% in 2015. B. remained constant at 60% from the 1970s to 2015. C. increased from the 1970s to 2015. D. declined from more than 60% in the 1970s to 50% in 2015.