Which of the following statements about a monopolist is TRUE?
A) Monopolies tend to misallocate resources.
B) All monopolies are unlawful in the United States.
C) Monopolies tend to allocate resources in a socially optimal manner.
D) Monopolies will always make a profit in the long run.
A
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Which of the following increases the slope of the consumption function?
A) an increase in consumer wealth B) a decrease in the value of consumer durables C) an increase in consumer confidence D) an increase in the marginal propensity to consume
When the United States exports a good, U.S. consumer surplus ________ and U.S. total surplus ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Which one of the following would be classified as employed?
a. a parent who works 50 to 60 hours per week caring for family members b. an construction worker vacationing in Florida who is on layoff due to bad weather conditions in his home state c. a 21-year-old full-time college student d. a 17-year-old high school student who works a newspaper route six hours per week
Total product divided by the variable input is
A. average total cost. B. average product. C. marginal cost. D. marginal product.