A monopolist spent $450 in TV commercials. Such advertisement changed the monopolist inverse demand curve from p = 40 - q to p = 50 - q. The monopolist marginal cost is $4 and it has no fixed cost. The TV commercials
A) decreased the monopolist's revenue.
B) decreased the monopolist's profit.
C) increased the monopolist's profit.
D) did not affect the monopolist's profit.
B
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High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $50?
A. 5 B. 3 C. 2 D. 1
Assume the following exchange rates for today: $1=140 yen and 1 Danish krone = $0.10. We can conclude
A) 1 yen = 280 kr. B) 1 yen = 14 kr. C) 1 kr. = 28 yen. D) 1 kr. = 14 yen.
Which of the following is classified as an asset for a commercial bank customer?
A) A car loan B) A commercial loan C) Demand deposits D) Deposits with the Federal Reserve
Firms often use patent rights as a:
A) barrier to exit. B) barrier to entry. C) way to achieve perfect competition. D) none of the above