For a monopolist that produces in the short run and does not price discriminate, price always has to be
a. equal to marginal cost at the profit-maximizing quantity
b. equal to marginal revenue at the profit-maximizing quantity
c. greater than marginal cost at the profit-maximizing quantity
d. less than marginal cost at the profit-maximizing quantity
e. less than marginal revenue at the profit-maximizing quantity
C
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The _____ tend to have a smaller public sector relative to the total economy
a. socialist economies b. centrally planned economies c. autocratic economies d. market economies e. mercantilist economies
If you hear that unemployment increased in the last year by 3.5 percentage points to 8 %it means:
A. 35 out of every 100 people lost their job in the last year. B. 8 out of every 1,000 people who want a job can't find one. C. 80 out of every 100 people who want a job can't find one. D. 35 out of every 1,000 people lost their job in the last year.
Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed in the table. CustomerReservation Price($/Rental)A22B16C12D8E6F4If Island Bikes charges a single price to all of its customers, then what price will it charge?
A. $16 B. $8 C. $4 D. $12
In the year 2020, Alpha has a real GDP of $80 billion and Omega has a real GDP of $10 billion. If Alpha has a growth rate of 2% and Omega has a growth rate of 4%, in what year will Omega catch up to Alpha?
A. 2018 B. 2108 C. 2024 D. 2092