When a nation totally bans trade with another country, it is imposing a(n):
A. tariff.
B. embargo.
C. quota.
D. trade tax.
Answer: B
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Explain the source of monopoly power for DeBeers’ Diamond Mine in South Africa, Microsoft (owned by Bill Gates), the American Medical Association (which licenses doctors), Polaroid’s Instant Picture Cameras, USAir (which owns virtually all the gates at the airport in Charlotte, North Carolina), and electric utilities.
What will be an ideal response?
A risk-neutral monopoly must set output before it knows the market price. There is a 50 percent chance the firm's demand curve will be P = 20 ? Q and a 50 percent chance it will be P = 40 ? Q. The marginal cost of the firm is MC = Q. What is the expression for the expected marginal revenue function?
A. E(MR) = 50 ? 2Q B. E(MR) = 40 ? 2Q C. E(MR) = 20 ? 2Q D. E(MR) = 30 ? 2Q
Diminishing marginal returns imply that marginal cost is rising.
Answer the following statement true (T) or false (F)
What is the present value of $1,000 one year from now at an interest rate of 5%?
A. $952.4 B. $1050 C. $50 D. $950