A monopolist currently sells 18 units of a good. If marginal revenue on the last unit sold is $117, then the price of the good must be less than $117
Indicate whether the statement is true or false
FALSE
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If retailers have a resale price maintenance agreement with a manufacturer to sell the product at a minimum price of $100, this means that brick and mortar stores ________ charge a price below $100 and online retailers ________ charge a price below $100.
A) can; can B) cannot; can C) cannot; cannot D) can; cannot
Assuming fixed factor prices, the short-run industry supply curve for a perfectly competitive industry is equal to the sum of the
A) AVC curves above minimum AVC. B) ATC curves above minimum ATC. C) MC curves above minimum AVC. D) MC curves above minimum ATC.
A $2,000 decrease in investment will shift the aggregate expenditures curve down by:
a. exactly $2,000 and will decrease the equilibrium level of real GDP by exactly $2,000. b. exactly $2,000 and will decrease the equilibrium level of real GDP by less than $2,000. c. exactly $2,000 and will decrease the equilibrium level of real GDP by more than $2,000. d. less than $2,000 and will decrease the equilibrium level of real GDP by less than $2,000.
The opportunity cost of an action is always equal to:
a. the monetary expense incurred as a result of the action b. the value of any alternative use of the time expended on the action. c. the highest valued alternatives sacrificed as a result of the action. d. the sum of the benefits received as a result of the action.