If a monopolist's price is $50 per unit and its marginal cost is $25, then
A) to maximize profit the firm should continue to produce the output it is producing.
B) to maximize profit the firm should decrease output.
C) to maximize profit the firm should increase output.
D) Not enough information is given to say what the firm should do to maximize profit.
D
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A striking conclusion of the Solow model is that in the absence of productivity growth, in the long run
A) the economy reaches a steady state. B) consumption per worker equals the capital stock per worker. C) consumption per worker equals output per worker. D) consumption per worker equals investment per worker.
Generally, expenses on a sport utility vehicle are a large part of a consumer's budget, so the demand for sport utility vehicles is more likely to be
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
According to the mercantilists, colonies were supposed to export ________ and import ________ from _______
a. manufactured products, raw materials, the mother country. b. raw materials, manufactured products, countries outside the empire. c. manufactured products, raw materials, countries outside the empire. d. raw materials, manufactured products, the mother country.
Gresham's Law is the tendency for low-quality money to drive high-quality money out of circulation.
a. true b. false