Suppose the marginal value curve for a monopsonist is MV = 70 - Q, and the marginal expenditure curve is ME = 10 + 2Q. What is the optimal price paid by the monopsonist?
A) P = 20
B) P = 50
C) P = 60
D) We need to know the AE curve in order to determine the optimal price
D
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Refer to the figure above. If the exchange rate is fixed above E yuan per dollar:
A) both the yuan and dollar are undervalued. B) the dollar is overvalued and the yuan is undervalued. C) both the yuan and dollar are overvalued. D) the dollar is undervalued and the yuan is overvalued.
When the law grants someone control of a resource, that control is referred to as a property right
Indicate whether the statement is true or false
The figure above shows the market for milk. When the efficient quantity of milk is produced, the marginal social cost of the last gallon is
A) $3.50. B) $3.00. C) $2.50. D) $2.00.
Provide a definition of development economics. Justify your choice carefully
What will be an ideal response?