Using the demand schedule in the above table, if the firm's marginal cost is constant at $3.00, output for a perfectly price discriminating monopolist is
A) 2 units.
B) 3 units.
C) 4 units.
D) 5 units.
D
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The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the
a. shop should be moved because the rent is too high b. price is less than average total cost c. economic profits are $20,000 d. shop will be closed in the long run e. shop sells 10,000 ice cream cones
An import quota for sugar results in an increase in
A. the domestic demand for sugar. B. sugar imports. C. the domestic market price of sugar. D. the domestic market supply of sugar.
Answer the following questions true (T) or false (F)
1. Physical capital refers to stocks and bonds. 2. Counting part-time workers who are looking for full-time work as employed overstates the degree of joblessness in the economy. 3. In the United States, the typical person who has lost his or her job finds another one in a few months except during severe recessions.
One worker produces 10 rocking chairs. If diminishing returns have already set in, a firm will need to hire more than two workers to produce 20 rocking chairs.
Answer the following statement true (T) or false (F)