In 2012, more than 60% of the privately held national debt was held by
a. foreign investors.
b. Federal Reserve banks.
c. large corporations.
d. government trust funds.
A
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In which of the following ways is a monopolist different from a perfect competitor?
a. Average cost will continually drop as output expands. b. Price is above marginal revenue. c. Average total cost equals average fixed costs plus average variable costs. d. The demand curve for the industry has a negative slope.
Wages and prices are many times higher today than they were 30 years ago, yet people do not work a lot more hours or buy fewer goods. How can this be?
If TR < TVC, a firm would ________ in the short run and ________ in the long run.
A. operate; exit the industry B. operate; expand C. not operate; expand D. shut down; exit the industry
Answer the following statements true (T) or false (F)
1. A monopolist will avoid setting a price in the elastic segment of the demand curve and prefer to set the price in the inelastic segment. 2. In order to maximize profits, the monopolist will produce the output level where MR = MC and charge a price equal to MR and MC. 3. A monopolist, being the sole seller in a market, is assured of positive economic profits. 4. If a monopolist finds itself operating in the inelastic portion of its demand curve, then it should never lower its price because doing so would reduce its profits. 5. The supply curve for a monopolist is the upward-sloping portion of the marginal cost curve that lies above the average variable cost curve.