Congestion taxes tend to cause an increase in traffic volume during rush hours
Indicate whether the statement is true or false
FALSE
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"Unlike a perfect competitor, a profit-maximizing monopolist produces at an output rate at which marginal revenue exceeds marginal cost." Do you agree or disagree? Why
What will be an ideal response?
The difference between a positive economic statement and a normative statement is that
a. a positive statement must be true; a normative statement is often not true b. a normative statement must be true; a positive statement is often not true c. a positive statement can be proved; a normative statement cannot d. a normative statement can be proved; a positive statement cannot e. a positive economic statement is a moral judgment; a normative economic statement is not a moral judgment
A firm produces its product using both capital and labor. When it does not change its capital usage, but doubles its labor input, its output increases by less than 50 percent. Which of the following is the most likely explanation of this finding?
A. the principle of opportunity cost B. the principle of diminishing returns C. the marginal principle D. the spillover principle
In order to sell more output units, what must a monopoly do?
A) reduce output price B) reduce input price C) increase output price D) increase input price