A major criticism of monopolies is that they
A.) inhibit technological innovation.
B.) limit consumption choices
C.) experience economies of scale.
D.) Both A and B are true.
D.) Both A and B are true.
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Explain why a firm should continue to operate in the short run so long as market price is greater the the firm's average variable cost at the profit-maximizing level of output
What will be an ideal response?
Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's profit is
A) $100. B) $200. C) $400. D) $800.
When the absolute price elasticity of demand equals 1, demand is
A) elastic. B) unit-elastic. C) inelastic. D) undetermined without more information.
In the small closed economy of San Lorena, the currency is the denar. Statistics for last year show that private saving was 60 billion denars, taxes were 80 billion denars, government purchases of goods and services were 70 billion denars, there were no transfer payments by the government, and GDP was 400 billion denars. What were consumption and investment in San Lorena?
a. 270 billion denars, 50 billion denars b. 250 billion denars, 60 billion denars c. 260 billion denars, 70 billion denars d. None of the above is correct.