If the market price is $40, the average revenue of selling five units is
A) $8. B) $20. C) $40. D) $200.
C
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Compared to a monopolistic competitor, a monopolist faces
A) a more elastic demand curve. B) a more inelastic demand curve. C) a demand curve that has a price elasticity coefficient of zero. D) a more elastic demand curve at higher prices and a more inelastic demand curve at lower prices.
When the money supply declines by 10%, in the long run, output ________ and the price level ________
A) is unchanged; is unchanged B) declines; falls C) is unchanged; falls D) declines; is unchanged
In economic analysis, people's resources are
A) limited and their wants are unlimited. B) unlimited and their wants are also unlimited. C) limited and their wants are also limited. D) unlimited and their wants are limited.
Refer to the above table. Brook's utility schedule shows
A. initially decreasing marginal utility and then increasing marginal utility. B. increasing marginal utility throughout her entire schedule. C. diminishing marginal utility throughout her entire schedule. D. initially increasing marginal utility and then decreasing marginal utility.