Other things being equal, the monopolist will
A) hire more workers than if the industry were perfectly competitive.
B) hire the same number of workers as a perfectly competitive industry would.
C) hire fewer workers than if the industry were perfectly competitive.
D) have lower profits than if the industry were perfectly competitive.
C
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The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
Suppose the game above is repeated every day, and both firms adopt the following strategy: cooperate on the first day, then if the other firm cheats, cheat the next day, and if the other firm abides, abide the next day. This type of strategy is known as: ________.
A. the cartel solution B. a tit-for-tat strategy C. a prisoner's dilemma D. the golden rule
The opportunity cost of taking a semester-long economics class is
A) the cost of tuition and fees only. B) equal to the highest value of an alternative use of the time and money spent on the class. C) the value of the time spent in the classroom. D) the knowledge and enjoyment you receive from attending the class. E) zero because there is no admission charged if you are enrolled in the course.
If a price of corn is $3.00 a bushel, 5,000 bushels would be demanded. If the price rises to $4.00 a bushel, 4,000 bushels would be demanded
a. What is the (arc) price elasticity of demand? b. Based on this answer, if the price of corn rose to $5.00 a bushel, what would be the demand for corn? c. If the price of corn decreased from $4.00 to $3.00 a bushel, what would be the change in total revenue for sellers of corn? d. If the price of corn increased from $4.00 to $5.00 a bushel, what would be the change in total revenue for sellers of corn?
According to the equation of exchange, if total output and velocity are constant, a 20 percent increase in the money supply leads to
a. a 20 percent decrease in the price level. b. less than a 20 percent decrease in the price level. c. less than a 20 percent increase in the price level. d. a 20 percent increase in price level.