If the two countries are at points A and B in Figure 35.1 and do not trade, what is the total number of motorcycles produced per year?
A. 2,000.
B. 3,000.
C. 4,000.
D. 1,000.
Answer: B
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Which of the following best describes the difference between a demand curve and a demand schedule?
A) A demand curve shows different quantities of a good demanded at different prices, whereas a demand schedule shows different quantities of a good demanded at different incomes. B) A demand curve can be derived from a demand schedule, but a demand schedule cannot be derived from a demand curve. C) A demand curve shows different quantities of a good demanded at different incomes, whereas a demand schedule shows different quantities of a good demanded at different prices. D) A demand curve is a graphical representation of the relationship between the quantity of a good and its price, whereas a demand schedule is a tabular representation.
The main purpose of antitrust law is to
A) prohibit monopoly practices such as restricting output. B) regulate advertising. C) encourage the formation of cartels. D) regulate the stock and bond markets.
In the above figure, a single-price monopolist charges a price of ________, resulting in total revenue equal to area ________
A) $10; hbcd B) $20; fjem C) $10; fbcg D) $30; fbcg
The "deadweight loss" from a monopoly refers to
a. the portion of a monopolist's profits that are above the competitive profit level. b. the increase in price due to the monopolization of a market. c. the inefficient use of factors of production by a monopoly. d. the loss of consumer surplus due to the monopolization of a market that is not transferred to another economic actor.