A non-discriminating monopolist's price equals its marginal revenue only when
A. output is zero.
B. total revenue is a maximum.
C. the monopolist's demand schedule intersects the horizontal (quantity) axis.
D. marginal revenue is zero.
Answer: A
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Discouraged workers are discouraged because
A) their employers continue to underpay them. B) they are working part-time, but they want full-time work. C) they don't have jobs and are pessimistic about their chances of finding a suitable job. D) their employers are too demanding.
Rent seeking is
A) when consumers search for the lowest possible rent on housing. B) illegal in the U.S. C) what regulators do to improve their chances of getting jobs in the regulated industry after they leave government service. D) where firms expend effort and money to profit from government actions.
In a monopsonistic market
A) employment is lower but wages are higher than in a comparable competitive market. B) employment is higher but wages are lower than in a comparable competitive market. C) both employment and wages are higher than in a comparable competitive market. D) both employment and wages are lower than in a comparable competitive market.
The main conclusion drawn from the criticisms around foreign aid is:
A. trade should be encouraged instead of aid. B. more accountable means of distribution and program evaluation are needed. C. immigration policies should be loosened and aid should be halted. D. aid should no longer exist, as it is an inefficient use of dollars.