Compared to perfect competition, monopoly
a. provides less output.
b. charges a higher price.
c. results in higher cost (inefficient) production.
d. All of the above are correct.
d
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Jennifer consumes both apples and bread. Let Pa be the price of an apple and Pb the price of a loaf of bread. TUa is her total utility from apples and TUb is her total utility from bread
MUa is her marginal utility from apples and MUb is her marginal utility from bread. When Jennifer is in consumer equilibrium A) MUa/TUa = MUb/TUb. B) MUa/Pb = MUb/Pa. C) MUa/Pa = MUb/Pb. D) TUa/Pb = TUb/Pb.
In the United States, Texas ranks number one in the amount of installed megawatts for wind power generation and Florida ranks number one in the number of beach vacations. These facts point out that
A) Texas has a comparative advantage in wind power generation. B) Texas definitely has an absolute advantage in wind power generation. C) Florida should produce more wind energy. D) Florida can produce wind energy at a lower opportunity cost than can Texas.
The steeper an isoquant is,
A) the greater is the marginal productivity of labor relative to that of capital. B) the greater is the substitutability between capital and labor. C) the greater is the need to keep capital and labor in fixed proportions. D) the greater is the level of output.
Which of the following is a positive economic statement?
a. Too much government spending is the biggest problem facing the U.S. economy. b. Creating jobs is the most serious problem facing the U.S. economy. c. Raising taxes provides additional revenue that should be used to finance health care. d. If taxes are over 50 percent of national income, job creation falls.