The monopolist often charges its customers _______ prices and provides ________ service than it would if it had competitors.
A. higher; better
B. higher; poorer
C. lower; better
D. lower; poorer
B. higher; poorer
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Which of the following is NOT included in real GDP?
A) production of services, such as the services of hair dressers B) production of goods that last less than a year, such as production of hot dogs C) production that takes place in the underground economy D) production of goods that last more than a year, such as a pair of roller blades
Sarah has the utility function U(X,Y) = X.5Y.25. When Sarah consumes X = 2 and Y = 6 she has a marginal rate of substitution of
A) -12. B) -1/6. C) -6. D) -1/12.
If a perfectly competitive firm is producing at a quantity at which MC < AVC, it cannot be maximizing profit in the short run
a. True b. False
Economies of scale exist where the long-run average cost curve is
A. upward sloping. B. horizontal. C. downward sloping. D. tangent to the marginal cost curve.