In a monopoly, the price is set when the firm ______.
a. chooses the most profitable spot on the demand curve
b. chooses the highest output on the supply curve
c. is forced into the least profitable spot on the demand curve
d. is forced into the lowest output on the supply curve
a. chooses the most profitable spot on the demand curve
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The processes a firm uses to turn inputs into outputs of goods and services are the firm's
A) production function. B) technology. C) total factor productivity. D) manufacturing ideology.
During the postwar period, increased real wages for women led to an increase in the labor force participation rate for women. This implies that, for women,
a. the substitution effect of a wage increase is greater than the income effect. b. the substitution effect of a wage increase is less than the income effect. c. the substitution effect of a wage increase equals the income effect. d. wage increases do not have an income effect.
Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. If they sold 12,000 bags and incurred total costs of $30,000, what was the company's profit?
A. $18,000 B. $6,000 C. $42,000 D. $36,000
Net domestic product is
A. The market value of all final goods and services produced in the economy after adjusting for depreciation. B. Equal to GDP minus indirect business taxes. C. The total market value of all goods produced in the period. D. Equal to national income minus depreciation.