Monopolies tend to
A) hire more labor than duopolists or competitive firms, hence they are inefficient.
B) hire more labor than competitive firms but less than duopolists.
C) hire less labor than competitive firms because they produce at an inefficient level.
D) hire more labor because they produce at an inefficient level.
C
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Marginal cost
a. is the increase in total cost resulting from production of one additional unit of output. b. is the cost of the marginal unit of output. c. and the average cost curve are U-shaped. d. All of the above are correct.
Every social system confronts scarcity and therefore must
A. produce only free goods. B. try to produce outside its production possibilities frontiers. C. economize. D. allocate goods by government edict.
Which of the following is another way of saying "marginal benefits of an action"?
A. Benefits given up, once the action is taken B. Unintended gains from taking the action C. Benefits accruing to others, as a result of one's action D. Extra benefits resulting from the action
A system in which depository institutions hold reserves that are less than the amount of total deposits is called
A. fractional reserve banking. B. required reserve banking. C. fiat money banking. D. central banking system.