Refer to the above table. Given the demand and cost schedules, what are the maximum economic profits for this monopolist?
A) $155
B) $143
C) $175
D) $164
C
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The above figure shows four different markets with changes in either the supply curve or the demand curve. Which graph best illustrates the market for non-dairy coffee creamer after severe weather destroys a large portion of the coffee crop?
A) Graph A B) Graph B C) Graph C D) Graph D
Restricting demand will lower inflation but
A. aggravate the unemployment problem. B. reduce the unemployment rate. C. have no impact on the unemployment rate. D. None of the above is correct.
Suppose the price of the product that labor is producing increases and simultaneously the price of capital, which is substitutable for labor, decreases. Assuming that the substitution effect is greater than the output effect, the demand for labor:
A. will increase. B. will decrease. C. may either increase or decrease. D. will not change.
Peet's Coffee and Teas produces some flavorful varieties of Peet's brand coffee. Is Peet's a monopoly?
A) Yes, there are no substitutes to Peet's coffee. B) No, although Peet's coffee is a unique product, there are many different brands of coffee that are very close substitutes. C) Yes, Peet's is the only supplier of Peet's coffee in a market where there are high barriers to entry. D) No, Peet's is not a monopoly because there are many branches of Peet's.