Suppose a single-price monopoly sells 3 units of a good at $20 per unit. If the monopoly sells 4 units, the total revenue increases to $72. What price is being charged for 4 units?
A) $52 each
B) $18 each
C) $60 each
D) $12 each
E) $20 each
B
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Which of the following statements is true?
a. The most important source of revenue to the federal government is personal income taxes. b. The most important source of revenue to state governments are sales and property taxes. c. The most important source of revenue to local governments are local property taxes. d. The taxation burden, measured by taxes as a percentage of GDP, is lighter in the United States than in most other advanced industrial countries. e. All of these.
The opportunity cost associated with increasing U.S. national security is complicated by the fact that
a. national security is not a good b. there is no trade-off between national security and other goods c. national security cannot be produced d. U.S. national security depends upon national security expenditures of other nations e. war is an inherent human activity
Which of the following is an example of a positive externality? a. Nick spends $500 to landscape his yard and his property increases in value by $1,000
b. Mick spends $500 on a stereo, which he plays so loudly that his neighbors are willing to pay him $1,000 not to play the stereo. c. An increase in the demand for computers causes IBM to hire more workers. d. Complaints of speeding cause police to increase surveillance. e. Lisa puts new concrete on her driveway and now the neighboring kids use it for skateboarding.
Economic efficiency would be primarily discussed in response to which of the fundamental questions about a competitive market economy?
A) What will be produced? B) How will the goods and services be produced? C) How will the system accommodate change? D) Who is to receive the output?