If real GDP per capita is increasing, real output is:
a. growing less rapidly than the population.
b. growing more rapidly than the population.
c. growing at the same rate as the population.
d. growing more rapidly than are prices.
b
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In a monopolistically competitive market if the additional revenue generated from advertising equals the additional cost of advertising, the firm should
A) advertise more to increase sales. B) advertise more to lower marginal costs. C) maintain its current amount of advertising. D) advertise less to decrease costs.
A property tax is a
a. progressive tax assessed on property ownership b. flat rate tax assessed on physical assets such as land c. flat rate tax assessed on income received from property ownership d. flat rate tax assessed on the sale of property and other physical assets e. progressive tax assessed on the sale of property and other physical assets
Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity?
A. An increase in supply. B. A decrease in supply. C. A decrease in demand. D. An increase in demand.
Refer to the following figure showing demand and marginal revenue for a monopoly.
If production costs are constant and equal to $10 (i.e., LAC = LMC = $10), what price will the monopoly charge?
A. $20 B. $15 C. $10 D. $5 E. $25