The Herfindahl-Hirschman Index for a monopoly is
A) 1.
B) 100.
C) 10,000.
D) undefined.
C
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When access to a common property is unrestricted, why does the resulting social gain fail to be as large as possible? How can an entrance fee increase social gain in this situation?
What will be an ideal response?
Fill in the blank: According to your textbook, "Fiscal policy is simply ________."
A) budget policy B) monetary policy under a different name C) price policy D) wage policy E) stupid
Which of the following could cause nominal GDP to decrease, but real GDP to increase?
A) The price level rises and the quantity of final goods and services produced rises. B) The price level falls and the quantity of final goods and services produced falls. C) The price level rises and the quantity of final goods and services produced falls. D) The price level falls and the quantity of final goods and services produced rises.
A monopolist earning economic profit in the short run determines that at its present level of output, marginal revenue is $23 and marginal cost is $30 . Which of the following should the firm do to increase profit?
a. Raise price and lower output. b. Lower price and lower output. c. Raise price and raise output. d. Lower price and raise output. e. Lower output, but leave price unchanged.