Suppose that a perfect-maximizing monopolist operates with a horizontal marginal cost curve and no fixed costs. Which of the following would NOT be represented as part of the area between its demand curve and marginal cost curve?
A) total costs
B) economic profits
C) consumer surplus
D) deadweight loss
A
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In trying to make a profit maximizing decision, managers are concerned about both supply and demand. Which of the following factors affect demand specifically? (select all that apply)
A. Income B. cost of production C. Consumers' tastes D. Price of related goods
For the average person, insurance is
A. not a gamble. B. a useless option. C. a fair gamble. D. an unfair gamble.
Suppose that Far North Canadian Lumber, Ltd., sells lumber in Canada at a price of $1,000 per 1,000 board feet and exports the same lumber to the United States at a price of $600 per 1,000 board feet. U.S. Lumber, Inc., produces and sells lumber for $700 per 1,000 board feet in the United States. What other condition must be satisfied in order for the U.S. government to impose an antidumping duty on Canadian lumber imports?
a. There must be material injury to a Canadian lumber producer. b. There must be material injury to a U.S. lumber producer. c. There must be material injury to both a U.S. and a Canadian lumber producer. d. All these conditions must be satisfied.
The microeconomic view of the expectations of inflation are based on the assumption that
A. individuals are rational, forward-looking people. B. people always assume that inflation will be zero. C. individuals will merely guess at what the inflation rate will be. D. individuals are highly sophisticated in their economic thinking.