The monopolist that maximizes profit
A) imposes a cost on society because the selling price is above marginal cost.
B) imposes a cost on society because the selling price is equal to marginal cost.
C) does not impose a cost on society because the selling price is above marginal cost.
D) does not impose a cost on society because price is equal to marginal cost.
A
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If the price of hamburger rises, we would expect the demand for steak to shift to the right.
Answer the following statement true (T) or false (F)
For simple loans, the simple interest rate is ________ the yield to maturity
A) greater than B) less than C) equal to D) not comparable to
Refer to Figure 3. For Ben, the opportunity cost of 1 pound of ice cream is
a. 1/14 pound of cones.
b. 1/2 pound of cones.
c. 2 pounds of cones.
d. 4 pound of cones.
When economists want to hold a number of factors constant, they are demonstrating which of the following expressions?
A. Positive economics model. B. Consumer sovereignty. C. Ceteris paribus. D. Normative economics.