Most economic activity in the United States is carried out by monopolies
a. True
b. False
Indicate whether the statement is true or false
False
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The marginal cost of an activity is the:
A. the total cost of the activity divided by the change in the level of the activity. B. change in the level of the activity divided by the change in the cost of the activity. C. the total cost of the activity divided by the level of the activity. D. change in the total cost of the activity that results from carrying out an additional unit of the activity.
Refer to the figure above. What is the consumer surplus in the market?
A) $60 B) $90 C) $120 D) $160
If your income is $40,000 and you pay taxes of $4,650, what is your average tax rate? Show your work
What will be an ideal response?
Firm A is a monopoly. The demand for its output is p = 90 - Q. Production is such that Q = L. Firm A hires only unionized labor. The marginal cost to the union is $10 per unit of labor. The union will sell
A) 20 units of labor at a wage of $10. B) 20 units of labor at a wage of $40. C) 20 units of labor at a wage of $50. D) 20 units of labor at a wage of $70.