Your textbook argues that in a market system income is earned and "distributed"
A) in the process of its creation.
B) as a result of the supply and demand for productive services.
C) in ways that might not be considered "fair" in all cases.
D) in all of the above ways.
D
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Assume someone organizes all farms in the nation into a monopoly. What is the monopoly's marginal cost curve?
A) It is a horizontal line at the competitive industry's price. B) It is a vertical line at the formerly competitive industry's quantity. C) It is a vertical line at the monopoly's chosen output level. D) It is the formerly competitive industry's supply curve. E) It is the same as the formally competitive industry's average total cost curve.
The form of public debt that matures in 3, 6, or 12 months is
a. Treasury bond b. Treasury bill c. Treasury note d. U.S. savings bond e. U.S. savings bill
If you are at an all-you-can-eat buffet dinner and you are considering whether to eat another dessert, you, as a rational consumer should decide to eat the desert
A. no matter what because you want to get more for your money. B. if it brings you more pleasure than the price you paid for the meal. C. if it brings you any pleasure at all. D. if it brings you as much pleasure as the desert costs if it is ordered a la carte.
For a pure monopolist the relationship between total revenue and marginal revenue is such that:
A. marginal revenue is positive when total revenue is at a maximum. B. total revenue is positive when marginal revenue is increasing, but total revenue becomes negative when marginal revenue is decreasing. C. marginal revenue is positive when total revenue is increasing, but marginal revenue becomes negative when total revenue is decreasing. D. marginal revenue is positive so long as total revenue is positive.