The presence of a privately-owned monopoly helps:
A. the monopolist.
B. consumers.
C. society overall.
D. government.
A. the monopolist.
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When several resources are combined in the production of a good,
a. it is easy to determine the marginal products of the various resources b. the marginal contribution of each input often cannot be observed c. allocating revenue among the various resources is easy d. there is more competition for each of the resources used e. there is less competition for each of the resources used
The supply curve of a one-of-a-kind original painting is
What will be an ideal response?
Why aren’t the tools of product market analysis directly applicable to the resource market?
What will be an ideal response?
If the MPC in an economy is .9, a $1 billion increase in government spending will ultimately increase consumption by:
A. $1 billion. B. $0.9 billion. C. $10 billion. D. $9 billion.