When a monopolist sells two units of output its total revenue is $150. When a monopolist sells three units of output its total revenue, is $210. When the monopolist sells three units of output, the price per unit is
A. $50.
B. $60.
C. $70.
D. $75.
Answer: C
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The income elasticity of demand for health care is generally less than 1, indicating consumers consider these services to be luxuries
Indicate whether the statement is true or false
Marginal cost is the ____________ cost of producing one additional unit and marginal revenue is the_____________ revenue of selling an additional unit
a. Incremental, Incremental b. Total, Incremental c. Incremental, Total d. Total, Total
Coffee and sugar are complements. If the supply curve of coffee shifts leftward because of poor weather, then there will be
A) an increase in the price of sugar. B) a decrease in the price of sugar. C) a leftward shift of the demand curve for coffee. D) a leftward shift of the supply curve for sugar.
Consider the labor market for computer programmers. During the late 1990s, the value of the marginal product of all computer programmers increased dramatically. Holding all else equal, what effect did this process have on the labor market for computer programmers? The equilibrium wage
a. increased, and the equilibrium quantity of labor increased. b. increased, and the equilibrium quantity of labor decreased. c. decreased, and the equilibrium quantity of labor increased. d. decreased, and the equilibrium quantity of labor decreased.