To maximize profits, the monopolist should produce at which
A) MR = MC.
B) MC intersects the demand curve.
C) total revenue is maximized.
D) total costs are minimized.
Answer: A
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Utility is:
A. a quantitative measure of consumers’ preferences. B. an objective measure of a person’s happiness. C. as difficult to measure as an individual's income level. D. a meaningful number measuring a consumer’s precise level of satisfaction.
Which of the following best describes the difference(s) between a model and a theory?
a. A theory is a more abstract representation, while a model is more applied or empirical representation. b. A model is a more abstract representation, while a theory is more applied or empirical representation. c. Theories are used to test models. d. Models have been proven, but theories are still being investigated.
A lower real interest rate ________ investment spending and ________ consumption spending.
A. increases; decreases B. decreases; decreases C. decreases; increases D. increases; increases
When the economy is at full employment,
a. there is no unemployment. b. the amount of cyclical unemployment equals zero. c. the amount of structural unemployment equals zero. d. the natural unemployment rate equals zero. e. the amount of frictional unemployment equals zero.