In a monopoly,
A) marginal revenue is greater than price.
B) marginal revenue is less than price.
C) the demand curve is horizontal.
D) marginal revenue and price are equal
B
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A normal production possibilities frontier has a
A. positive slope and is steeper near the horizontal axis than near the vertical axis. B. negative slope and is steeper near the horizontal axis than near the vertical axis. C. positive slope and is steeper near the vertical axis than near the horizontal axis. D. negative slope and is steeper near the vertical axis than near the horizontal axis. E. zero slope, and it does not touch the horizontal axis.
Assume the Fed decreases the money supply and the demand for money curve is fixed. In response, people will:
A. sell bonds, thus driving up the interest rate. B. buy bonds, thus driving down the interest rate. C. buy bonds, thus driving up the interest rate. D. sell bonds, thus driving down the interest rate.
If a product is a necessity and has no substitutes at all, demand for the product is most likely to be:
A. very inelastic. B. inelastic. C. unit elastic. D. elastic.
Marginal factor cost is
A) the change in total costs due to a one-unit change in the quantity of the good produced. B) the change in total costs due to a one-unit increase in the variable input. C) the change in the price of an input when an additional unit of the input is hired. D) the marginal cost of changing the rate of production in the long run.