Given the market demand and cost data in the above figure, the existence of a monopoly firm producing 8 million cubic feet of natural gas makes it possible to produce natural gas at a long-run average cost of
A) 10 cents per cubic foot.
B) 20 cents per cubic foot.
C) 30 cents per cubic foot.
D) 40 cents per cubic foot.
A
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The Condorcet paradox can arise with:
A. first-past-the-post voting. B. run-off elections. C. approval voting. D. pair-wise majority voting.
Refer to the above graph. What combination would most likely cause a shift from AD 1 to AD 2?
An increase in taxes and no change in government spending A decrease in taxes and a decrease in government spending A decrease in taxes and an increase in government spending An increase in taxes and an increase in government spending
Monopolistic competition is judged to be economically inefficient because
A) the price is greater than marginal cost. B) firms earn zero economic profit in the long run. C) marginal revenue equals marginal cost. D) firms have deficient capacity in the long run. E) firms earn an economic profit in the long run.
Refer to Figure 16-5. Suppose the firm represented in the diagram decides to act as a monopolist and charge a single price. What is the profit maximizing quantity produced and what is the price charged?
A) Q = 480 units; P = $16 B) Q = 240 units; P = $28 C) Q = 560 units; P = $12 D) Q = 320 units; P = $24