For a monopolist, marginal revenue is always:
a. below market price.
b. equal to market price.
c. greater than market price.
d. equal to total revenue.
e. equal to total cost.
a
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One characteristic of a public good is that it
A) is available for consumption by only a few individuals at any particular time. B) always eliminates the free-rider problem. C) can be consumed simultaneously by many individuals. D) can be easily subdivided into small units.
The labor supply curve:
A. shows the relationship between the total quantity of labor supplied by all firms in the economy and the wage rate. B. shows that, all things being equal, more workers will want to work when wages are higher and less will want to work when wages are lower. C. has a negative slope. D. All of these are true.
People under the age of 25 are less likely to be poor than those older than 25
Indicate whether the statement is true or false
Ellie and Brendan both produce apple pies and vanilla ice cream. If Ellie's opportunity cost of one apple pie is 1/2 gallon of ice cream and Brendan's opportunity cost of one apple pie is 1/4 gallon of ice cream, Ellie has a comparative advantage in the production of ice cream
a. True b. False Indicate whether the statement is true or false