Figure 10.2 shows a monopolist's demand curve. The marginal revenue from selling the third unit is:
A. $6.
B. $8.
C. $10.
D. $44.
Answer: A
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The public sector grew the most in Japan, rising from 35 percent relative to GDP in 1997 to 39 percent in 2016
a. True b. False Indicate whether the statement is true or false
Statistical studies in the United States have reached the conclusion that for most workers the response of labor supply to wage changes is
A. quite strong. B. not very strong. C. inverted. D. always zero.
According to the graph shown, producing 9 units earns profits that are:
A. higher than output of 11 units, and the firm should increase production. B. higher than output of 11 units, and the firm should decrease production. C. lower than output of 11 units, and the firm should increase production. D. lower than output of 11 units, and the firm should decrease production.
You have just been hired as a business consultant to determine what pricing policy would be appropriate to increase the total revenue of a bakery. The first step you would take would be to
a. increase the price of every loaf of bread in the store. b. look for ways to cut costs and increase profit for the bakery. c. determine the price elasticity of demand for the bakery's products. d. determine the price elasticity of supply for the bakery's products.