Which statement explains why monopolists are not productively efficient?
a. Monopolists do not produce at the minimum of the average cost curve.
b. Monopolists produce at the quantity where P = MC.
c. Monopolists spend too much on developing innovative products.
d. Monopolists produce too many goods at a lower average cost.
a. Monopolists do not produce at the minimum of the average cost curve.
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If marginal benefit is greater than marginal cost, output is inefficiently high
Indicate whether the statement is true or false
When a unit tax is placed on suppliers _____
a. it will have the same effect as a twice as large excise tax placed on demanders b. it will have the same effect as a similar unit tax placed on demanders c. they will be able to shift the entire tax onto their resource suppliers d. they will be able to force demanders to pay the tax to the government
The wages of professional athletes
a. are related to demand for their services. b. include substantial economic rents. c. are high because of scarcity. d. All of the above are true.
In an open economy, how many bikes will this country export? 
A. 80,000 B. 50,000 C. 20,000 D. 60,000