Based on the graph showing equilibrium output and price for a monopolist, the profit loss from producing too little is located ______.
a. below the marginal revenue curve
b. below the marginal cost curve
c. above the demand curve
d. above the marginal revenue curve
a. below the marginal revenue curve
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Perfect planting and harvesting weather results in a record high crop of wheat. If wheat growers experience an increase in total sales revenue, then the demand for wheat must be
a. price-inelastic b. unitary elastic c. perfectly inelastic d. price-elastic e. perfectly elastic
Research suggests that the relatively higher rate of growth of output per capita between in China between 1996 and 2011 was the result of which of the following?
A) an increase in the rate of technological progress B) an increase in K/NA C) an increase in the rate of growth of N D) an increase in the saving rate E) both A and D
Which of the following types of goods is subject to the free-rider problem?
A. a private good B. a product that creates a positive externality C. a public good D. a product that creates a negative externality
Response lags
A. Reduce short-term price instability. B. Increase the long-term downward trend in farm prices. C. Slow the long-term downward trend in farm prices. D. Increase short-term price instability.