Which of the following conditions is TRUE for a monopolist?
A) MR < P
B) MR = P
C) MR = AFC
D) MR < AVC
Answer: A
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New growth theory
A) states that the rate of technological change is caused by economic incentives. B) states that the rate of technological change is determined outside the working of the market system. C) states that the rate of technological change is unaffected by economic incentives. D) does not adequately explain the factors that determine productivity.
Chips and salsa are complements. If the price of salsa decreases, the demand for chips will increase
Indicate whether the statement is true or false
If private property rights were established in the air, there would probably be
A. more air pollution. B. less air pollution. C. the same amount of air pollution that exists without private property rights in the air. D. better weather.
The present value of a property is the
a. loanable funds used to purchase the property b. profit earned by landlords c. value today of the stream of returns a property will generate in the future d. interest rate divided by the annual return of a property e. rent derived from owning the property