A monopolistic competitor maximizes profit by producing 800 units of a good. If the profit-maximizing price is $45, its total revenue is _____
a. $31,000
b. $45,000
c. $36,000
d. $80,045
c
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Everything else held constant, Americans who love French wine benefit most from
A) a decrease in the dollar price of euros. B) an increase in the dollar price of euros. C) a constant dollar price for euros. D) a ban on imports from Europe.
Income on the horizontal axis at which the vertical distance to the 45-degree line is less than the vertical distance to the Ep line gives rise to a ________ amount of unplanned inventory investment, and thus ________ pressure on output
A) positive, upward B) positive, downward C) negative, upward D) negative, downward
Which of the following is an alternative to patents that still encourages research?
A) the government funding research by firms B) offering a prize for discovery C) government grants to universities D) All of the above.
If Japan has a comparative advantage over Canada in the production of computers, which of the following must be true?
a. Supply of unskilled labor in Japan is higher than that in Canada. b. Japan incurs a lower input cost in the production of computers. c. Japan incurs a higher input cost in the production of computers. d. Japan has a lower opportunity cost in the production of computers. e. Japan has a higher opportunity cost in the production of computers.