For a monopoly, where demand is ________ , marginal revenue is ________ , and total revenue ________ as the price falls
a. inelastic; positive; increases
b. inelastic; negative; decreases
c. elastic; positive; increases
d. elastic; negative; increases
c
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Since 2000, the U.S. government has generally had a government budget ________ and so the national debt has ________
A) surplus; decreased B) surplus; increased C) deficit; decreased D) deficit; increased E) deficit; not changed
Monetarists have received this label because they emphasize the role of the
A. money supply in determining aggregate supply. B. money supply in determining nominal GDP. C. Fed in making monetary policy. D. money supply in determining interest rates and investment.
If the marginal cost were $12, how many units of output would this firm produce?
A. 1
B. 2
C. 3
D. 4
The key issue in determining the relevant product market is
A) the degree of interchangeability between products. B) the specific geographic area in which competing products overlap. C) the production processes used to produce the goods. D) the market share test.