A monopolist maximizes profits by setting the quantity where:
A. marginal revenue is equal to marginal cost.
B. marginal revenue is greater than marginal cost.
C. marginal revenue is less than marginal cost.
D. total revenue is as high as possible.
Answer: A
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According to research by James Shepherd and Samuel Williamson, colonial coastal commerce comprised about _________ of the volume of total overseas trade
a. one-tenth b. one-third c. one-half d. three-fourths
Foreign aid got its start after World War II when:
A. several European countries gave $12 billion in reparations. B. several European countries began offering aid to help one another recover. C. the UK gave $12 billion to help rebuild several European countries. D. the U.S. gave $12 billion to help rebuild several European countries.
For years, your neighbor insisted she had no desire to own a computer. Recently, however, she purchased one and says she did so because all her relatives have computers and she wants to exchange e-mail with them. Your neighbor's behavior is an example of
A. the impact of negative market feedback. B. limited-pricing behavior. C. a switching cost. D. a network effect.
A defining difference in what makes a firm a sole proprietorship, partnerships, or a corporation is the:
A. profitability of each type of business. B. number of each type of business. C. nature of ownership and accountability for each type of business. D. size of each type of business.