For a monopolist, marginal revenue is:
a. less than price.
b. equal to price.
c. greater than price.
d. greater than average revenue.
a
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Which of the following would be categorized as an implicit cost?
a. not being able to spend your $10,000 savings if you sink the money in your business b. the cost of purchasing supplies for your house-cleaning business c. the cost of purchasing auto insurance for your dry-cleaning delivery business A) a only B) a and c only C) b and c only D) all of the above
A competitive equilibrium is Pareto optimal if there is no way to rearrange or to reallocate goods so that
A) anyone can be made better off. B) no one can be made worse off. C) someone can be made better off without making someone else worse off. D) someone can be made better off without making everyone else worse off.
The price of a depletable natural resource last year rose more than expected. The most likely explanation is that
a. interest rates fell. b. an unexpected discovery of reserves was made. c. the major suppliers formed a cartel. d. price ceilings were established.
GDP includes:
A. intermediate but not final products. B. substitute but not intermediate products. C. final but not intermediate products. D. complementary but not intermediate products.