For a monopoly, marginal revenue for all units greater than 1 is always:
A. more than price because of the quantity effect.
B. more than price because of the price effect.
C. less than price because of the quantity effect.
D. less than price because of the price effect.
Answer: D
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Use the figure above to answer this question. At a price level of 90
A) people will be forced to cut consumption so that aggregate demand will decrease. B) the aggregate quantity demanded exceeds real GDP and inventories will decrease. C) inventories increase and firms will increase production. D) the aggregate quantity demanded exceeds real GDP, inventories increase and the price level will rise.
If production displays economies of scale, the long-run average cost curve is
A) downward sloping. B) below the long-run marginal cost curve. C) upward sloping. D) above the short-run average total cost curve.
In a(n) ________ market, dealers in different locations buy and sell securities to anyone who comes to them and is willing to accept their prices
A) exchange B) over-the-counter C) common D) barter
Most economists believe that a zero rate of unemployment
A) is obtainable with the correct monetary policy. B) would result in a better functioning economy. C) is inconsistent with a well-functioning economy. D) is obtainable only if the inflation rate is also zero.