A monopoly earns total revenue of $5,000 when it sells 500 units of output and total revenue of $5,400 when it sells 600 units of output. Thus, the marginal revenue of the 600th unit is $9.
Answer the following statement true (T) or false (F)
False
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If the aggregate price level ________, but nominal wages stay fixed, labor demand ________
A) falls; remains unchanged B) rises; falls C) rises; remains unchanged D) falls; falls
In 1994, the Bureau of Labor Statistics started to report
A) the unemployment rate weekly to provide a better picture of the labor market. B) alternative measures of the unemployment rate that include narrower measures of the labor market. C) alternative measures of the unemployment rate that include broader measures of the labor market. D) the unemployment rate by surveying 200,000 households. E) B and C are correct answers.
As the income of an individual increases, he can afford more leisure. This refers to the ________ of a wage increase
A) income effect B) substitution effect C) transformation effect D) opportunity cost effect
"If firms in duopoly collude and operate as a monopoly, the industry produces more output compared to the Nash equilibrium." True or false? Explain
What will be an ideal response?