Refer to the figure below. During low-peak times, what price-quantity combination should the firm charge to maximize profit? 
A. P1 and Q1
B. P3 and Q1
C. P2 and Q1
D. P1 and Q2
Answer: B
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Steph Curry loves playing basketball so much that he would be willing accept a salary that simply keeps him housed and fed. But because his skills are so rare, professional basketball teams will compete to pay him tens of millions of dollars to play for them. These tens of millions of dollars are
A. pure profit. B. economic rent. C. marginal rent. D. competitive rent.
Perfect competition leads to ______ than does a monopoly.
a. lower output b. higher prices c. lower prices d. slower output
Exhibit 10-1Use the information in the accompanying chart to answer the following question(s). The firm hires labor competitively and sells its product in a competitive price-taker market. Units of Labor Total Output Product (per day) (dollars) Price 1 15 6 2 30 6 3 40 6 4 48 6 5 54 6 6 59 6 7 62 6 Refer to Exhibit 10-1. What is the marginal revenue product of the fifth unit of labor?
A. $6. B. $36. C. $54. D. $324.
Refer to the information provided in Table 19.5 below to answer the question that follows. Table 19.5Total IncomeTotal TaxesAverage Tax RateMarginal Tax Rate$10,000$1,500??$20,000$2,400??$30,000$3,000??$40,000$3,200??Refer to Table 19.5. The tax rate structure in this example is
A. progressive. B. regressive. C. marginal. D. proportional.