An unregulated, single-price monopoly is shown in the figure above. If fixed cost is $20, the monopoly's total costs when it is maximizing its profit will be
A) $30.
B) $40.
C) $80.
D) $140.
C
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Price discrimination by a monopolist is less effective if the
A) good can be resold. B) good has no substitutes. C) monopolist can identify buyers by willingness to pay. D) good cannot be resold.
The GATT's most-favored nation clause means that tariff reductions granted by a member of GATT to imports from one country
a. apply only to that country b. are only extended to certain favored members of GATT c. are extended to all other members of GATT d. must be matched by equivalent quota reductions e. are extended to all other countries of the world
Money is defined as
A. anything people generally accept in exchange for goods and services. B. any financial instrument that is backed by gold. C. a person's net worth. D. a by product of a barter economy.
Which of the following statements is TRUE for society as a whole?
A. Demand for services always reflects all social costs. B. Social benefits are always emphasized in advertising. C. Private costs are not always equal to social costs. D. Supply of services always reflects all social costs.