When a non-discriminating monopolist is maximizing profit, then
a. its price equals its marginal cost
b. its price equals its marginal revenue
c. it is producing all units for which marginal revenue exceeds marginal cost
d. its supply curve intersects the market demand curve
e. its marginal cost curve intersects the market demand curve
C
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What is the law of diminishing marginal utility?
What will be an ideal response?
The various combinations of goods that can be produced by an economy using its available resources and technology efficiently is called
a. limits to scarcity b. opportunity cost c. limited production d. capital accumulation e. production possibilities
The labor-supply curve will be downward sloping if the:
A. income effect outweighs the price effect. B. substitution effect outweighs the income effect. C. price effect outweighs the income effect. D. The labor-supply curve is never downward sloping.
Which of the following examples would be least likely to happen in a rent-controlled apartment?
a. The repair of a tile floor would be delayed for months. b. The tenants would be reluctant to move. c. A new toilet would be installed. d. The walls would require repainting.