For a monopoly, at the level of output where marginal revenue equals zero, then the
A) firm earns no revenue.
B) price elasticity of demand at this amount of output is zero.
C) firm has maximized total revenue.
D) firm is a price taker.
C
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The "core" inflation rate is typically defined as the change in consumer prices for all goods included in the CPI basket except energy and food products
Suppose the overall inflation rate based on the CPI was 4 percent for the past year, and energy and food prices did not change during the year. Is the core inflation rate for the past year higher or lower than 4 percent? A) Higher B) Lower C) They are the same D) We do not have enough information to answer this question
Factors that cause the short-run supply curve to change are factors that affect
A) demand. B) fixed costs. C) variable costs. D) the market but not the individual firm.
In which statement(s) are "supply" and "quantity supplied" used correctly? (I) "An increase in the price of toasters will increase the quantity supplied of toasters." (II) "A technological advance that lowers the cost of producing toasters will increase the supply of toasters."
a. in both statements I and II b. in statement I only c. in statement II only d. in neither statements I nor II
Which of the following would reduce the supply of baseball hats?
a. An increase in the demand for baseball hats.
b. A new tax imposed on the producers of baseball hats.
c. A reduction in the price of cloth used to make baseball hats.
d. All of the above.