According to the above figure, the profit-maximizing output for this monopolist is found directly below the letter
A) R.
B) M.
C) P.
D) N.
A
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Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the beach is:
A. the value she places on seeing the movie. B. the value she places on seeing the movie plus the $12 she spent on the umbrella, food and drinks. C. the $12 she spent on the umbrella, food and drinks. D. only $0 because she would have spent $12 to go to the movie.
Use the following graph to answer the next question.
The graph shows the supply and demand for money where Dm1, Dm2, and Dm3 represent different demands for money and Sm1, Sm2, and Sm3 represent different levels of the money supply. The initial equilibrium point is A. What will be the new equilibrium point following a decrease in the transactions demand for money?
A. I B. B C. E D. F
Next year's expected price of oil is $88 per barrel and the interest rate is 10 percent per year. According to the Hotelling Principle the price of oil this year is
A) $80 per barrel. B) $88 per barrel. C) $96 per barrel. D) None of the above answer is correct.
If products C and D are close substitutes, an increase in the price of C will
A. tend to cause the price of D to decrease. B. shift the demand curve for D to the right. C. shift the demand curves for both products to the right. D. shift the demand curve for C to the left and the demand curve for D to the right.