A monopolist maximizes profit at the quantity where its total revenue curve equals total cost
a. True
b. False
B
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There are no justifications for tax rates above the revenue-maximizing point
a. True b. False
If the demand for good A is more elastic than the demand for good B, a small increase in supply in both markets will cause
a. a much greater increase in the equilibrium quantity of good A than for good B b. a much greater increase in the equilibrium quantity of good B than for good A c. the equilibrium quantity will decrease by the same amount in both markets d. only the equilibrium quantity of good B will decrease e. only the equilibrium quantity of good A will decrease
Which of the following is true if a market is in equilibrium?
a. price will be rising b. price will be falling c. quantity demanded is greater than quantity supplied d. quantity demanded is equal to quantity supplied e. quantity demanded is less than quantity supplied
Which statement describes the situation when $2.00 = 1 euro?
a. The value of $1 is 2.00 euros.
b. The foreign exchange market is in equilibrium.
c. The quantity of euros supplied exceeds the quantity demanded.
d. The quantity of euros demanded exceeds the quantity supplied.