A monopolist will set its production at a level where marginal cost is equal to _____.
(A) Total revenue
(B) Marginal revenue
(C) The equilibrium market price
(D) Quantity supplied
Ans: (B) Marginal revenue
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Refer to the scenario above. If Maria's opportunity cost of time increases to $80 per hour, the cost of driving to destination A is:
A) $480. B) $730. C) $800. D) $970.
New classical economics
a. resulted from the high inflation and unemployment of the 1970s. b. developed in an era of high inflation and unemployment during the 1970s. c. resulted from the dissatisfaction associated with the prevailing Keynesian orthodoxy. d. Both b and c. e. all of the above.
A strong U.S. dollar is one that has:
a. c and e. b. d and e. c. depreciated. d. appreciated. e. helped U.S. exporters.
Natural monopolies have been slowly eroded by
A. market imbalances. B. rising costs. C. technological change. D. perfect competition.