For a monopolist, marginal revenue is always
A. equal to zero.
B. greater than price.
C. equal to price.
D. less than price.
Answer: D
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The United States currently is
A) a debtor nation and has been since the end of World War II in 1945. B) a creditor nation and has been since the end of World War II in 1945. C) a debtor nation and has been since 1989. D) a creditor nation and has been one since 1989. E) neither a debtor nation nor a creditor nation.
A monopsony is
A) a market in which there is only one producer of a good or service. B) a market in which there is only one producer and one consumer of a good or service. C) a market in which there is only one buyer of a good or service. D) a temporary situation in labor markets when prices are adjusted through the use of collective bargaining.
If a firm has a U-shaped long-run average cost curve,
a. its fixed cost rises as output rises. b. it must have increasing returns to scale at low levels of production and decreasing returns to scale at high levels of production. c. it must have increasing returns to each input at low levels of production and decreasing returns to each input at high levels of production. d. the firm can maximize its output by operating at the point of minimum long-run average cost.
If at full employment the government wants to increase its spending by $100 billion without increasing inflation in the short run, it must do which of the following?
A) Raise taxes by more than $100 billion B) Raise taxes by $100 billion C) Raise taxes by less than $100 billion D) Lower taxes by $100 billion E) Lower taxes by less than $100 billion