Compared to the profit-maximizing outcome, average cost pricing in natural monopoly leads to
a. all of the following
b. a higher price
c. decreased consumer surplus
d. the elimination of economic profit
e. less output
D
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Which of the following is likely to be an extreme view taken by critics of illegal immigration?
A. Illegal aliens are close substitutes for legal resident workers B. Illegal workers accept jobs that legal residents are unwilling to do C. Undocumented workers do not displace legal residents from their jobs D. Undocumented workers are complements to legal resident workers
The deadweight loss from a monopoly loss measures the inefficiency created by monopoly
Indicate whether the statement is true or false
People may vote in a presidential election if
A) they feel it is their civic duty to vote. B) they believe their vote will matter. C) the costs of doing so are greater than the benefits received from voting. D) a or b E) a, b, or c
Hannah's House of Hotcakes serves 30 customers in an hour when it hires one worker. It serves 60 customers in an hour when it hires two workers. The marginal product of the second worker is ________ customers served per hour.
A. 20 B. 30 C. 50 D. 67.5