Refer to the graph shown. The maximum possible total profit this monopolist that charges only one price can earn is:
A. $240.
B. $0.
C. $120.
D. $60.
Answer: D
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A model refers to:
A) a perfect replica of reality. B) a simplified description, or representation, of reality. C) facts, measurements, or statistics that describe the world. D) a set of facts established by observation and measurement.
You decide to work in London for the next 5 years, accumulate some savings, then move back to the United States and convert your savings from British pounds to dollars
At the time of your move, economists predict that consumers in the United States have lost their affinity for British products, and expect that this declining preference for British products will continue for the next decade. How should this influence your decision to work and save in London? A) You should be discouraged as the declining U.S. preference for British goods should decrease the value of the pound to the dollar and decrease the value of your savings when converted to dollars. B) You should be discouraged as the declining U.S. preference for British goods should increase the value of the pound to the dollar and decrease the value of your savings when converted to dollars. C) You should be encouraged as the declining U.S. preference for British goods should decrease the value of the pound to the dollar and raise the value of your savings when converted to dollars. D) You should be encouraged as the declining U.S. preference for British goods should increase the value of the pound to the dollar and raise the value of your savings when converted to dollars.
Studies and experience suggest that labor and capital are highly complementary inputs to the production of pipe organs
Indicate whether the statement is true or false
Popeye produces 20 cans of spinach in 8 hours. Wimpy produces 15 hamburgers in 10 hours. If each hamburger trades for 1.5 cans of spinach, then
a. Popeye's production and productivity are greater than Wimpy's. b. Popeye's production is greater than Wimpy's, but his productivity is less. c. Wimpy's production and productivity are greater than Popeye's. d. Wimpy's production is greater than Popeye's, but his productivity is less.