Answer the following statement(s) true (T) or false (F)
1. When a two-part tariff is perfectly implemented, the monopoly charges a price that is greater than its marginal cost.
2. For a given quantity, a monopoly's marginal revenue is always greater than the price associated with that quantity.
3. When regulating a natural monopoly one should set the regulatory price such that the monopoly will produce the efficient level of output.
4. Deadweight loss because of a monopoly can be attributed to the fact that monopolies produce at a quantity where the price of the good exceeds the marginal cost of producing the last unit.
5. When there are significant differences among customers, a monopolist will look for opportunities to price discriminate.
1. False
2. False
3. False
4. True
5. True
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The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal social benefit is
A) zero. B) $14,000. C) $19,000. D) $16,000.
The minimum wage has its greatest impact on the market for teenage labor
a. True b. False Indicate whether the statement is true or false
With respect to the business cycle, describe the difference between the expansion phase and the recovery phase
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward