Donna owns the only dog grooming salon on Lonely Island. The figure above shows the dog grooming market. Donna is a single-price monopoly that maximizes profit by charging ________ per grooming and producing ________ groomings per day
A) $30; 8
B) $20; $8
C) $20; $12
D) None of the above answers is correct.
A
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Is faster economic growth unambiguously better?
A. No, because growth has an opportunity cost. B. No, because growth serves no useful purpose. C. Yes, because more goods and services are always better. D. Yes, because it expands the production possibilities of an economy. E. Uncertain, economic growth has no answer to this question.
Which of the following situations is used as a justification for government?
A. negative externalities B. removal from the prisoner's dilemma C. nonexcludable goods D. positive externalities E. all of the above
The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use. B. the average quality of batters has fallen. C. baseball diamonds have become larger. D. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit.
The federal budget is prepared and passed by
A. the president. B. Congress. C. the president and Congress. D. neither the president nor Congress.