The producer surplus to a monopolist must be
A) less than zero or the firm is in violation of anti-trust statutes.
B) at least as great as the producer surplus in a competitive market.
C) positive, otherwise why would the monopoly produce?
D) the same as for a competitive market.
B
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A union never wants to accept a negative marginal wage.
Answer the following statement true (T) or false (F)
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?
A. 5 smoothies B. 15 smoothies C. 3 smoothies D. 1/3 of a smoothie
The countries most likely to be successful at using trade retaliation are large trading countries.
a. true b. false
The demand for most agricultural products is:
A. elastic with respect to price but inelastic with respect to income. B. inelastic with respect to price but elastic with respect to income. C. elastic with respect to both price and income. D. inelastic with respect to both price and income.