Figure 4-6
Refer to . The amount of the excise tax I is
a.
$.50.
b.
$1.50.
c.
$1.00.
d.
$2.00.
c
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Which of the following is not a reason for the existence of a monopoly?
a. sole ownership of a key resource b. patents c. copyrights d. diseconomies of scale
Your boss explains to you that the total fixed costs of the company are $1 million. He also informs you that each unit of production will cost twenty five cents more with each 100-unit increase
He has asked you to draw the fixed costs of the company with costs on the vertical axis and quantity of goods sold on the horizontal axis. Without drawing a graph tell your boss what the graph will look like using words. What information did your boss give you that you didn't need in order to draw the graph?
Which of the following best describes private enterprise?
a. The means of production (resources and businesses) are owned and operated by government. b. The means of production (resources and businesses) are owned and operated by private individuals or groups of private individuals. c. Economic decisions are determined by individuals. d. Economic decisions are determined by government.
A monopolist's total revenue curve:
a. starts high, rises, and then declines. b. starts low, declines, and then rises. c. starts high, declines, and then rises. d. starts low, rises, and then declines.