For a monopolist, the marginal revenue gained when one more unit of output is sold is
A) the price at which the extra unit is sold minus the loss in revenue that results from cutting the price on units sold previously.
B) equal to the price of the product.
C) negative if price is above the midpoint of the demand curve.
D) the average revenue created by the increased sales.
A
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Stanley Engerman's (1971) work on the economic impact of the Civil War (1861–1865) refuted a view sometimes called the Beard-Hacker thesis. This thesis holds that
(a) the Civil War (1861–1865) held back the ongoing processes of industrialization. (b) the Civil War (1861–1865) accelerated the ongoing processes of industrialization. (c) the Civil War (1861–1865)'s demands for manufactured goods increased American long-term dependency on foreign trade. (d) the Civil War (1861–1865) was more disruptive of the "westward movement" than it was of ongoing processes of industrialization.
Adverse selection can only occur when there is asymmetric information
a. True b. False Indicate whether the statement is true or false
An decrease in taxes shifts aggregate demand
a. to the right. The larger the multiplier is, the farther it shifts. b. to the right. The larger the multiplier is, the less it shifts. c. to the left. The larger the multiplier is, the farther it shifts. d. to the left. The larger the multiplier is, the less it shifts.
One defining characteristic of pure monopoly is that the ________.
A. monopoly produces a product with no close substitutes B. monopoly uses advertising C. entry into the industry is relatively easy, but exit is difficult D. monopoly is a price taker