A monopoly’s marginal revenue curve is always
a. is always above the demand curve.
b. identical to that of a perfectly competitive firm.
c. twice as steep as the demand curve.
d. none of the above.
d. none of the above.
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The accompanying figure shows the annual production possibilities curve for a small country that is open to trade with the rest of the world. Suppose the world price of cashews is $12 per pound, and the world price of mangos is $4 per pound. As indicated in the figure, at these prices, this country will produce 21,000 pounds of mangos and 5,000 pounds of cashews each year.
At this country's current level of production, what is the opportunity cost of a pound of mangos in terms of cashews?
A. 21/5 pounds of cashews B. 3 pounds of cashews C. 1/3 pounds of cashews D. 5/21 pounds of cashews
The quantity supplied of bagels is 100 at the unit price $1. Suppose the price elasticity of supply by the initial value method is 1.5, and you would like to induce sellers to increase the quantity of bagels supplied to 130. Then the new price for bagels must be:
A. $11. B. $10.20. C. $1.20. D. $1.10.
By making exchange ________, money allows for ________ and higher ________
A) harder; specialization; costs B) easier; specialization; productivity C) easier; specialization; costs D) harder; generalization; productivity
A bank has a reserve requirement of 0.08. If it has demand deposits of $200,000 and is holding $4,000 in reserves:
A. the bank is not meeting its reserve requirement. B. all the bank's reserves are excess reserves. C. the bank is holding $2,000 in excess reserves. D. the bank could extend additional loans and still meet its reserve requirement.