Which of the following firms best fits the definition of a monopoly?
A. General Motors
B. Exxon Mobil
C. Local electric utility
D. AT&T
Answer: C
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Refer to the figure below, which shows marginal benefits (MB) and marginal cost (MC) of activity A:
If the decision maker is choosing 400 units of activity A,
A. the activity could be increased by one unit and net benefits will increase by $15. B. this level maximizes net benefits. C. the activity could be reduced by one unit and net benefits will rise by $25. D. the activity could be reduced by one unit and net benefits will increase by $10. E. the activity could be reduced by one unit and net benefits would decrease by $10.
The marginal cost of educating a student is $30,000, and this cost is independent of the number of students. The figure above shows the marginal private benefit that a student receives from education
If schools are competitive, how many students are enrolled? A) zero B) 20,000 C) 50,000 D) It depends on the demand.
Neither part of Medicare covers
A. long-term stays in retirement homes and prescription drugs. B. prescription drugs. C. doctors' visits. D. long-term stays in retirement homes.
What can we conclude if depreciation (consumption of fixed capital) exceeds gross domestic investment?
A. Net investment is negative. B. The economy is importing more than it exports. C. The economy's production capacity is expanding. D. Nominal GDP is rising but real GDP is declining.