For a monopolist, if total revenue increases as output decreases, then marginal revenue is
A. positive.
B. equal to price.
C. zero.
D. negative.
Answer: D
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Figure 6-9
In 1983, government price supports raised the price of sugar above its equilibrium value. Which graph in Figure 6-9 illustrates the impact of sugar price supports on the sugar substitute fructose?
A. 1 B. 2 C. 3 D. 4
The structural deficit/surplus budget
A. measures the federal budget deficit/surplus as if the economy were at full employment. B. measures the federal budget deficit/surplus as if the economy were in recession. C. measures the federal budget deficit/surplus as if the economy were suffering from high inflation. D. is used when structural unemployment is at a peak.
Given: Sales of $14 million; implicit costs of $3 million; and explicit costs of $12 million. Find (a) accounting profit; and (b) economic profit.
Fill in the blank(s) with the appropriate word(s).
Refer to the table. Over the $8-$6 price range, supply is:
A. inelastic.
B. elastic.
C. perfectly inelastic.
D. perfectly elastic.