The figure above shows a monopoly's total revenue and total cost curves. The monopoly's economic profit is zero if it produces
A) 0 units of output.
B) 5 or 20 units of output.
C) 15 units of output.
D) none of the above
B
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If an economy is represented by a point inside its production possibilities curve
A) it cannot produce more of one product unless it stops producing the other product entirely. B) it cannot possibly produce more of one product, even if it produces less of another product. C) it can produce more of one product only if it produces less of another product. D) it can produce more of one product even if it does not produce less of another product.
In wrongful death lawsuits, courts typically take into consideration the victim's character and personality when assessing damages
Indicate whether the statement is true or false
An income effect
A. is measured as the change in prices over time. B. is not possible when people are unemployed. C. requires interest rates to remain constant. D. is the change in the quantity demand due to the fact that real income changes when prices change.
Nominal GDP increases when either or both prices and output increase
Indicate whether the statement is true or false