At what quantity is Sarah Machinery indifferent between two technologies?
a. 5
b. 6
c. 7
d. 8
a
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If the cross-price elasticity of demand between two goods is -1.2, then the two goods are:
A. substitutes. B. complements. C. inferior. D. elastically demanded.
Which of the following is true for the monopolist?
a. Marginal revenue is less than the price charged. b. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost. c. All of the answers are correct. d. Economic profit is possible in the long run.
To calculate a firm’s per unit of output profit, it is necessary to subtract
A. price from cost per unit. B. price from resource costs. C. cost per unit from product price. D. cost per unit from cost of resources.
When firms have market power, it means that they:
A. can noticeably affect the market price. B. do not affect the market quantity offered for sale. C. can earn as much profit as they want. D. are a price taker.