According to the economic way of thinking, alcohol prohibition in the U.S
A) effectively destroyed peoples' incentives to produce and drink liquor.
B) abolished the supply and demand process in liquor.
C) led to a surge in prices and considerable profit opportunities for people willing to break the law.
D) failed to make liquor truly illegal.
C
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If the demand curve facing a monopolist shifts, then the monopolist's:
A. total cost curve will change, but its variable cost curve will not. B. marginal revenue curve and profit-maximizing level of output will change. C. marginal revenue curve will not change, but its profit-maximizing level of output will. D. marginal revenue curve will change, but its profit-maximizing level of output will not.
Sonya's budget for magazines and chocolate bars is $50. Her marginal utility from these goods is shown in the table above. If the price of a magazine is $5 and the price of a chocolate bar is $2
50, which of the following combinations maximizes Sonya's utility? A) 1 magazine and 18 chocolate bars B) 2 magazines and 20 chocolate bars C) 3 magazines and 14 chocolate bars D) 5 magazines and 10 chocolate bars
The phrase "to spread the overhead" refers to reducing the costs that are not directly attributable to the production process
a. True b. False Indicate whether the statement is true or false
Which of the following would cause an increase in the demand for us dollars?
a. An interest rate cut in the US b. An interest rate cut in Europe c. An interest rate increase in Europe d. A recession in Europe e. Less desire by Europeans for US goods