Which of the following regarding a monopolist is INCORRECT?
A. The monopolist constitutes the entire industry.
B. There are barriers to entry that allow monopoly.
C. The monopolist produces only goods of highest quality.
D. The monopolist is a single supplier of a good or service.
Answer: C
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In the above table, the marginal revenue from the fourth unit of output is
A) $30. B) $147. C) $150. D) $180.
When the actions of a central bank induce actions from other banks in the country
A) the other banks are reacting to an announcement effect. B) the other banks are concerned about a penalty rate. C) the other banks are acting to prevent liquidity problems. D) the other banks are acting as fiscal agents.
Recent tests suggest that the Leontief Paradox has been completely resolved
Indicate whether the statement is true or false
A government that uses a bureau rather than a private firm to provide some good or service
a. may have less opportunity for officials and legislators to reward friends and supporters with jobs b. will always incur higher costs of production c. will lose the ability to make decisions via the hierarchy of the market d. may be better able to control details of production e. will not be able to sell the good or service after it is produced