Refer to the graph below. When the total revenue curve reaches a maximum, marginal revenue is:
The following graph shows a total revenue curve for a monopolist.
A. Positive
B. Negative
C. Zero
D. Greater than price at that level of output
C. Zero
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By making exchange ________, money allows for ________ and higher ________
A) harder; specialization; costs B) easier; specialization; productivity C) easier; specialization; costs D) harder; generalization; productivity
Currency traders expect the dollar to depreciate. What impact will this have on equilibrium in the foreign exchange market?
A) The dollar will appreciate, and the equilibrium quantity of dollars will increase. B) The dollar will depreciate, and the equilibrium quantity of dollars exchanged will decrease. C) The dollar will appreciate, and the equilibrium quantity of dollars will decrease. D) The dollar will depreciate, and the change in the equilibrium quantity of dollars exchanged cannot be determined.
An expected increase in the future price of automobiles will lead to
A. a movement down the demand schedule for automobiles. B. a reduction in the demand for gasoline today. C. no predictable impact on today's demand for automobiles. D. an outward shift in demand for automobiles today.
Kelly graduates and her income increases by $25,000 a year. Other things remaining the same, she increases the quantity of clothes she buys. For Kelly, clothes are ________
A) an inferior good B) a normal good C) a substitute good D) a complement good