Refer to the diagram. At output level Q, total variable cost is Multiple Choice
A. BCDE.
B. 0AFQ.
C. 0CDQ.
D. 0BEQ.
Ans: D. 0BEQ.
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Which of the following is not a criticism of monopolies?
a. They restrict output. b. They set price above the perfectly competitive level. c. They tend to be less innovative than firms in a competitive market. d. They exert a disproportionate amount of political influence. e. They reduce allocative efficiency through perfect price discrimination.
In the long run,
A. both monopolists and perfectly competitive firms produce at minimum long-run average total cost. B. a monopolist will exit the industry if he or she is earning zero economic profit. C. a monopolist will always charge a higher price than he or she charges in the short run. D. consumer surplus is smaller if an industry is a monopoly than if it is perfectly competitive.
Which of the following is not a potential supplier of real loanable funds to the real loanable funds market?
a. Domestic savers. b. Foreign savers. c. Domestic businesses. d. Foreign governments. e. All of the above are potential suppliers.
The temporary tax cuts of 2008 and 2009 were ineffective to boost the economy out of a recession.
Answer the following statement true (T) or false (F)