A person's earnings over a period of time is known as
A) money
B) income
C) wealth
D) all of the above
B
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For a monopoly, the value of the next worker equals
A) MR ? MPL. B) p ? MPL. C) MPL. D) w/MPL.
Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the table below.Number ofMugs Per DayTotal CostPer Day0$101$142$193$254$325$406$49If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then Chris should make ________ mugs per day.
A. 5 B. 4 C. 0 D. 6
Economists focus on self-interest in explaining choices because:
A. it is a useful way to approach problems. B. individuals often are motivated by selflessness. C. economists know people are selfish even if psychologists don't. D. economists do not believe that there is more to making choices than maximizing utility.
Assume a pure monopolist is currently operating at a price-quantity combination on the inelastic segment of its demand curve. If the monopolist is seeking maximum profits, it should:
A. retain its current price-quantity combination. B. increase both price and quantity sold. C. charge a lower price. D. charge a higher price.