For a monopoly, the marginal revenue curve ________ its demand curve.
A. is the same as
B. is above
C. has no relation to
D. is below
Answer: D
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A major problem of owning a corporation is unlimited liability.
Answer the following statement true (T) or false (F)
Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis to choose between going to the concert and going out to dinner, the opportunity cost of going out to dinner should include:
A. neither the cost of the ticket nor the entertainment value of the concert. B. the cost of the ticket plus the entertainment value of the concert. C. only the cost of concert ticket. D. only the entertainment value of the concert.
Refer to the following graph.
Demand and supply are initially D and S1, respectively. Which of the following best describes the effect of a $0.50 per pound tariff on Danish hams imported into the United States?
A. Supply shifts from S1 to S0; quantity sold declines to 60 thousand pounds and price paid by consumers rises to $2.25 a pound B. Neither supply nor demand shift, but price paid by consumers declines to $1.50 a pound while quantity sold remains at 80 thousand pounds C. Supply shifts from S1 to S2; quantity sold rises to 100 thousand pounds and price paid by consumers declines to $1.75 a pound D. Supply shifts from S1 to S0; quantity sold declines to 60 thousand pounds and price paid by consumers rises to $2.50 a pound
The idea that tariffs should be imposed to protect new and developing industries is referred to as
A) the start-up argument. B) the infant industry argument. C) the incubator business theory. D) the new markets theory.