Suppose a monopoly can sell 10 units of output for $21. In order to sell 11 units of output, the price must fall to $20. What is the marginal revenue of the 11th unit?
A) $41
B) $20
C) $10
D) $1
E) $220
C
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Answer the following statement(s) true (T) or false (F)
1. A disadvantage of the survey approach is that polluting sources might not be sufficiently well informed to provide good estimates. 2. According to available U.S. data, spending on pollution abatement and control has grown fairly steadily over time. 3. Expenditures on research and development represent the majority of spending on pollution and control in the United States. 4. According to the U.S. data presented in the text, the highest proportion of operating and capital abatement costs is on recycling. 5. Newly proposed controls on GHG emissions from motor vehicles are expected to elevate automobile prices.
There is general agreement among economists that rent controls cause shortages of housing, but despite this rent controls continue to persist. Why does this occur?
A. Many people do not understand the effects that controls cause. B. Property owners are politically unpopular. C. Many persons tend to benefit from rent controls. D. All of these responses are correct.
The marginal cost to a grocer of selling avocados, which would have to be thrown away if they are not sold immediately, is approximately
A) the overhead cost per avocado sold. B) the price of replacing the inventory. C) their wholesale purchase price. D) zero.
When bond prices fall, interest rates rise.
Answer the following statement true (T) or false (F)