The monopoly producer
A. sets MU equal to P.
B. sets MR = MC.
C. has MC > MU.
D. sets MR = P.
Answer: B
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In the national income accounts, government expenditure on goods and services refer to those purchases made by
A) federal and state governments only. B) the federal government only. C) state and local governments only. D) all levels of government.
Currently major telecommunications companies are more insulated from competition than they were in the times leading up to passage of the Telecommunications Act of 1996
Indicate whether the statement is true or false
An economist estimated the cross-price elasticity for peanut butter and jelly to be +1.5 . Based on this information, we know the goods are
a. inferior goods. b. complements. c. inelastic. d. substitutes.
The equilibrium price and quantity of a good, once attained, will
a. change only if either supply or demand changes b. change only if both supply and demand change c. change only if supply changes d. change only if demand changes e. never change