Use the following table, which shows the demand schedule faced by Ninaskets, a pure monopoly selling baskets, to answer the next question.PriceNumber of Baskets Sold$203185167141012151030What is the change in total revenue if the pure monopoly raises the price from $10 to $12?
A. +$120
B. -$300
C. -$120
D. +$300
Answer: C
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Explain the long-run consequences of continued increases in the money supply
What will be an ideal response?
A college professor berates his political science students for being uninformed on current political and government issues. For example, most of them do not know who represents them in the U.S. House of Representatives. He tells his students that they will never get very far in life by staying so uninformed and uninterested. The professor is probably overlooking the fact that
A) people are uninformed and uninterested in only some things-not all things. B) his students could be choosing rational ignorance. C) by not taking out time to find out certain things, his students have more time to study for his tests. D) a, b, and c E) none of the above
Assume a two-country, two-commodity, two-input model where the following relationships hold:(K/L)U.S. > (K/L)ROW (K/L)automobiles > (K/L)shoes(K/L)U.S. is the capital-labor ratio in the United States, (K/L)ROW is the capital-labor ratio in the Rest of the World, (K/L)automobiles indicates the capital-labor ratio in the production of automobiles, and (K/L)shoes indicates the capital-labor ratio in the production of shoes.Assume further that technology and tastes are the same in the United States and the Rest of the World. Which of the following statements is true?
A. Production of shoes is relatively cheaper in the United States than the Rest of the World. B. The laborers in the United States are less productive than the laborers in the Rest of the World. C. Production of automobiles is relatively labor-intensive. D. Production of shoes is relatively labor-intensive.
Which of the following is characteristic of a purely competitive seller's demand curve?
A. Price and marginal revenue are equal at all levels of output. B. Average revenue is less than price. C. Its elasticity coefficient is 1 at all levels of output. D. It is the same as the market demand curve.