Refer to the above graph. The profit-maximizing monopolist shown sets its output at:
A. 0Y.
B. 0X.
C. 0T.
D. 0V.
Answer: D
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For a perfectly competitive firm, the long-run supply curve is the long-run average cost curve.
Answer the following statement true (T) or false (F)
Consider the case of labor outsourcing and labor migration in tradeable goods markets with no barriers to trade.
A. In each country, labor outsourcing will result in the same wage changes as labor migration. B. In each country, labor outsourcing will result in the same employment level changes as labor migration. C. In each country, labor outsourcing will result in the same change in the demand for local public schools as labor migration. D. Both (a) and (b) E. Both (b) and (c) F. Both (a) and (c) G. All of the above. H. None of the above.
Which of the following illustrates the concept of scarcity?
a. There is usually more than one use of your "free" time in the evening. b. More clean air is wanted than is available in large polluted metropolitan areas such as Los Angeles. c. There are many competing uses for the annual budget of your city, county, or state. d. All of the answers are correct.
Which of the following statements is necessarily true regarding a point along a budget line? a. It implies an individual has spent her entire income
b. It implies an individual is as happy as possible given her income. c. It implies an individual no longer faces tradeoffs between both goods. d. It implies an individual would be better off consuming a different bundle of goods.