A tariff on a good _________ its price.
Fill in the blank(s) with the appropriate word(s).
raises
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Suppose a single-price monopoly sells 3 units of a good at $20 per unit. If the monopoly sells 4 units, the total revenue increases to $72. What price is being charged for 4 units?
A) $52 each B) $18 each C) $60 each D) $12 each E) $20 each
A perfectly competitive firm will maximize profits (or minimize losses) so long as price (marginal revenue) is:
A) greater than marginal cost. B) greater than average fixed cost. C) greater than average total cost. D) greater than average variable cost.
When the demand for CDs rises, buyers will purchase more CDs at
A. all prices. B. some prices. C. no prices.
If we are considering the relationship between two variables and release one of the other- things-equal assumptions, we would expect:
A. the relationship to change from direct to inverse. B. the line representing that relationship on a graph to shift. C. the data points to have a tighter fit to the line representing the relationship. D. the relationship to change from inverse to direct.