For the recession of 2007-2009, it took ________ for employment to return to its cyclical peak
A) about 18 months
B) about 2.5 years
C) about 3.5 years
D) more than 6 years
Answer: D
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Alex has allocated his income in such a way that the marginal utility of the last unit of product X he consumes is 40 utils and that of the last unit of Y is 16 utils. If the unit price of X is $5, then the price of Y must be
A. $1 per unit. B. $3 per unit. C. $2 per unit. D. $4 per unit.
If a public good never becomes congested _____
a. the optimal number of users is infinite b. it is evidence that it has been under produced c. marginal costs are equal to average costs across the entire range of output d. the marginal reduction in cost per user curve is flat
According to the graph shown, if Q2 units are being produced, this monopolist:
This graph shows the cost and revenue curves faced by a monopoly.
A. is earning negative profits.
B. should cut back production to increase profits.
C. is maximizing revenue.
D. is maximizing profits.
If a 10 percent decrease in the price of a good leads to a 20 percent increase in the quantity demanded, then what is the price elasticity of demand?
A. 10 B. 2 C. 0.5 D. 20