The table above gives the demand for a monopolist's output. What is the marginal revenue of increasing production from 4 to 5 units?
A) $70
B) $16
C) $14
D) $6
D
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In a purely competitive market, the Herfindahl Index would have a value approaching
a. 1. b. 100. c. 0. d. infinity.
Other things equal, the supply of labor will be lower to a job that
a. offers less strenuous physical activity b. requires a supervisor to closely monitor employee performance c. allows for flexible work schedules d. offers free room and board e. is exciting due to slightly elevated risk
If supply increases, the equilibrium price will rise and the equilibrium quantity will fall
a. True b. False Indicate whether the statement is true or false
When a country allows trade and becomes an importer of a good,
a. consumer surplus and producer surplus both increase. b. consumer surplus and producer surplus both decrease. c. consumer surplus increases and producer surplus decreases. d. consumer surplus decreases and producer surplus increases.