For a monopoly, the level of output at which marginal revenue equals zero is also the level of output at which
a. average revenue is zero.
b. profit is maximized.
c. total revenue is maximized.
d. marginal cost is zero.
c
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The Sherman Antitrust Act of 1890
(a) did not specify what economic actions are legal. (b) said that only competitive economic actions were legal. (c) declared illegal every combination in restraint of trade. (d) declared none of the above.
The situation described in the book as "smart for one, dumb for all" occurs when:
A. individuals act rationally, so there are no unexploited opportunities for society as a whole. B. individuals make better decisions when they are alone than when they are part of a group. C. individuals act rationally, but there are still unexploited opportunities for society as a whole. D. individuals make better decisions when they are part of a group than when they are alone.
Refer to the figure below.
When the market is unregulated, producer surplus is represented by the area:
A. ABC B. FHC C. DGF D. DBC
Which of the following workers is least likely to lose his/her job during a recession?
A. Carpenter B. Police officer C. Automobile assembly line worker D. Roofer