A simple monopoly will maximize its profit by producing the quantity where
a. price and marginal cost are equal.
b. the demand curve crosses the average cost curve.
c. marginal cost reaches its minimum.
d. marginal revenue equals marginal cost.
d. marginal revenue equals marginal cost.
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Jones is hungry, but is willing to postpone lunch as long as he can have a much larger meal at dinner. The compensation of the larger meal at dinner time suggests that Jones
A) is a glutton. B) acts irrationally because it is best to have three meals a day. C) has a positive rate of time preference with regard to today's meals. D) does not consider lunch to be a scarce good.
You are made better off in which of the following situations?
A) you borrow $10,000, you earn income in pesos, the dollar depreciates against the peso, you must pay back the loan in dollars B) you borrow 10,000 pesos, you earn income in pesos, the dollar depreciates against the peso, you must pay back the loan in pesos C) you borrow $10,000, you earn income in pesos, the dollar appreciates against the peso, you must pay back the loan in dollars D) you borrow 10,000 pesos, you earn income in dollars, the dollar depreciates against the peso, you must pay back the loan in pesos
Strategies such as public funding of schools, compensatory education, pre-school programs, affirmative action, and campaign-finance reforms focus on the existence of inequality
Indicate whether the statement is true or false
One reason there is political opposition to international trade is that:
A. the potential gains from specialization and trade are small. B. the differences in opportunity costs between countries are small. C. not everyone benefits from trade. D. trade does not increase the total value of goods and services produced by a nation.