The data below relate to a pure monopolist and the product it produces. What is the profit-maximizing output and price for this monopolist?
A. P = $12; Q = 5
B. P = $14; Q = 4
C. P = $15; Q = 3
D. P = $18; Q = 2
B. P = $14; Q = 4
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Refer to Common Property I. Suppose the common property becomes privately owned. The owner behaves competitively and charges people an entrance fee for the right to use the property. The fee will be
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. P1.
b. P2.
c. P2 - P1.
d. zero.
A nominal anchor helps policy makers to avoid ________
A) adaptive expectations B) constrained discretion C) negative demand shocks D) the time-inconsistency problem
Why would you expect the demand for diamond jewelry to fall faster than plastic, costume jewelry when all incomes fall?
What will be an ideal response?
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure when it hires 100 coal miners?
A. $35,000 B. $20,000 C. $10,000 D. $30,000