A single-price monopoly can sell 10 units of its product at a price of $45 each but to sell 11 units, the monopoly must cut the price to $44. What is the marginal revenue of the extra unit sold?
A) $484
B) $450
C) $44
D) $34
E) -$1
D
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The aspects of the society's rule that concern economic transactions are referred to as:
A) economic principles. B) economic institutions. C) financial regulations. D) economic ideals.
The average unemployment rate was lowest during what period?
A) 1980-1990 B) 1950-1970 C) 2000-2010 D) 1980-2000
Because firms in perfectly competitive markets can sell any quantity without driving down prices, they should:
A. produce as much as possible to maximize profits. B. produce at the lowest cost per unit to maximize profits. C. try to flood the market. D. increase quantity until the additional profit it earns on its last unit sold is zero.
When looking at a monopolist's level of output, you can expect to find
A. average revenue greater than price. B. price greater than marginal cost. C. marginal cost greater than marginal revenue. D. marginal revenue greater than price.