For a monopolist, average revenues:
A. are always equal to price.
B. equal price only at the profit maximizing quantity.
C. are maximized when total revenues are maximized.
D. are always zero at the profit maximizing quantity.
Answer: A
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All of the following are associated with a mixed economy except
A. some public influence over the workings of free markets. B. public ownership mixed in with private property. C. public ownership of the society’s productive resources. D. different countries blending the state and market sectors in different ways.
In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of
A. scarcity and opportunity costs. B. complementary economic goals. C. full production. D. money and real capital.
Refer to the scenario above. Which of the following problems arises in this scenario?
A) Low transaction costs B) The free-rider problem C) Moral hazard D) A negative externality
The spectacular growth in international banking can be explained by
A) the rapid growth in international trade. B) the 1988 Basel Agreement. C) the collapse of the Bretton Woods system. D) the creation of the World Trade Organization.