At the profit-maximizing level of output for a pure monopoly ________.
A. price is less than marginal cost
B. total revenue is greater than total cost
C. price is equal to marginal cost
D. price is greater than marginal cost
Answer: D
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Explain whether it is possible for a country to have a comparative advantage in the production of a product without having an absolute advantage in the production of that product
What will be an ideal response?
Refer to Figure 4-3. If the market price is $2.50, what is the consumer surplus on the third ice cream cone?
A) $0 B) $0.50 C) $1.50 D) $2.50
Throughout the 1970–2007 period, government's share of the increasing GDP was no more than a few percentage points away from
a. 10 percent of GDP b. one quarter of GDP c. one third of GDP d. one half of GDP e. two thirds of GDP
Refer to the above figure. A unit tax has been placed on the good. The consumer pays what amount of the tax?
A. none of the tax B. P2 - P1 C. P1 - P0 D. P2 - P0