For a single-price monopoly,
A) if marginal cost exceeds marginal revenue, profits will increase if output decreases.
B) if marginal revenue exceeds marginal cost, profits will increase if output decreases.
C) there are several different price and output combinations that maximize profit.
D) marginal revenue will be greater than price if demand is elastic.
E) marginal revenue will be greater than price if demand is inelastic.
A
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Providing a fixed number of workers with additional capital will ________ average labor productivity at a ________ rate.
A. increase; increasing B. decrease; decreasing C. increase; constant D. increase; decreasing
The process of accumulating capital is called:
a. capitalization. b. loanable funds. c. investment. d. debt management.
The basic idea behind the convergence theory is:
A. that countries starting at low levels of income will tend to grow at much faster rates than those starting with high levels of income. B. each additional unit of capital provides larger gains when you're coming from behind. C. also the basic idea behind the catch-up effect. D. All of these are true.
An industry with a large number of small firms producing a standardized product in a market with easy entry and exit of firms is:
What will be an ideal response?