A monopolist sells 100 units at $10 per unit and 90 units at $15 per unit. The marginal revenue from the tenth unit is
A) $1000.
B) $1350.
C) $100.
D) $350.
D
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Suppose that a binding rent control law is repealed in San Francisco. As a result, we would expect the total number of units rented in the city to a. increase
b. decrease. c. remain unchanged. d. decrease, then increase.
Carson and Fran are both thrill seekers. Carson has health insurance and Fran does not. One can predict that:
A. Carson's health insurance will not affect Carson's behavior. B. Carson and Fran will participate in the same number of dangerous activities. C. Carson will engage in fewer dangerous activities. D. Fran will engage in fewer dangerous activities.
Figure 3.3 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, we would expect that:
A. demand will decrease until quantity demanded equals quantity supplied. B. supply will increase until quantity demanded equals quantity supplied. C. price will increase until quantity demanded equals quantity supplied. D. there will be no change in the price since the market is in equilibrium.
A curve showing the lowest cost at which a firm is able to produce a given level of output in the long run is
A) a long-run production function. B) a long-run marginal cost curve. C) a minimum efficient scale curve. D) a long-run average total cost curve.