Table 24.1Monopoly Costs and RevenueQuantityPriceTotal Cost1$500$4002$450$6503$400$9504$350$1,3005$300$1,700In Table 24.1, according to the profit maximization rule, at the profit-maximizing level of output marginal, cost is
A. $300.
B. $200.
C. $350.
D. $250.
Answer: A
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A tax is imposed on the sale of a product. As long as neither the supply nor the demand is perfectly elastic or inelastic
A) there is no change in the price paid by the consumers. B) the price paid by the consumers increases by the full amount of the tax. C) the price paid by the consumers increases by less than the amount of the tax. D) the price paid by the consumers increases by more than the amount of the tax.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
If the money multiplier is 8, the required reserve ratio is
A. 8%. B. 12.5%. C. 16%. D. 20%.
Illegal immigrants from Mexico who work continuously in the U.S. have the following characteristics, except:
A. They are mostly working in farms B. They make up a majority of the illegal immigrants in the U.S. C. On average, they have higher educational levels than the Mexicans who don't migrate D. They do not frequently move back and forth across the border