For a monopolist
A) marginal revenue is less than price.
B) marginal revenue equals price.
C) marginal revenue is greater than price.
D) marginal revenue equals average revenue.
Answer: A
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Suppose that in 2015 the chain-weighted price index for GDP in Estonia is 220 and the chain-weighted price index in Lithuania is 160. In 2016 the price index in Estonia is 242 and the price index in Lithuania is 180. You could conclude that
A) Estonia's rate of inflation is higher than Lithuania's. B) Lithuania is a more expensive place to live than Estonia. C) Estonia is a more expensive place to live than Lithuania. D) Lithuania's rate of inflation is higher than Estonia's.
Refer to Figure 1-2. Calculate the area of the triangle A
A) $1.3 million B) $2.6 million C) $3.4 million D) $5.2 million
If the government regulates the price that a natural monopolist can charge to be equal to the firm's average total cost, the firm will
a. earn zero profits. b. earn positive profits, causing other firms to enter the industry. c. earn negative profits, causing the firm to exit the industry. d. minimize costs in order to lower the price that it charges.
_____ GDP is the value of output measured in constant prices or GDP adjusted for inflation.
A. Nominal B. Current C. Real D. Green