In a small town, Marilyn's Christmas Tree Lot has a monopoly on sales of Christmas trees. In order to increase her sales from 100 trees to 101 trees, she must drop the price of all of her trees from $20 to $19. What is the marginal revenue?
A) $2000
B) $20
C) $19
D) negative $81
D
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A profit-maximizing monopolist sets
A. his or her price where MC = MR. B. his or her output where MC = MR. C. his or her price where MR > MC. D. his or her output where P = MC.
Which of the following statements is true?
A) A budget deficit occurs when government expenditures exceed tax receipts during any single year. B) The public debt is the total amount the federal government owes its creditors. C) The public debt is greater than the net public debt. D) b and c E) a, b, and c
If the price of a typical good rises, the quantity supplied for that good will
A. decrease. B. automatically increase to infinity. C. increase. D. remain the same.
Natasha is having difficulty deciding between two jobs, A and B. As shown in the accompanying diagram, A is closer to home than B, but doesn't pay as well. Ideally, Natasha would like a job that both pays well and is close to her home.
If Natasha behaves like most decision-makers, then the addition of option C would:
A. decrease her likelihood of accepting any job. B. increase her likelihood of picking B. C. increase her likelihood of picking A. D. have no impact on her choice of A and B.