The figure above shows the cost, demand, and marginal revenue curves for a monopoly. At an output level of ________, demand is ________
A) 20; elastic
B) 50; unit elastic
C) 50; elastic
D) 30; unit elastic
A
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Suppose corn farmers encounter a "bumper" corn crop, which results in a significant increase in the market supply curve for corn. Increases in supply will tend to
A) decrease the price of corn. B) increase the demand for corn. C) increase the price of corn. D) decrease the demand for corn.
Environmentalists tend to prefer pollution taxes to marketable permits because the taxes impose specific limits on the quantity of pollution
a. True b. False Indicate whether the statement is true or false
Economies of scale occur when a firm's
a. marginal costs are constant as output increases. b. long-run average total costs are decreasing as output increases. c. long-run average total costs are increasing as output increases. d. marginal costs are equal to average total costs for all levels of output.
Which of the following is true?
A) A common market is more deeply integrated than a customs union. B) The European Union is a shallower and broader form of integration than NAFTA. C) NAFTA is an example of a customs union. D) Customs unions require the creation of a common currency.