Competitive firms differ from monopolies in which of the following ways? (i) Competitive firms do not have to worry about the price effect lowering their total revenue. (ii) Marginal revenue for a competitive firm equals price, while marginal revenue for a monopoly is less than the price it is able to charge. (iii) Monopolies must lower their price in order to sell more of their product, while
competitive firms do not.
a. (i) and (ii) only
b. (ii) and (iii) only
c. (i) and (iii) only
d. (i), (ii), and (iii)
d
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Which of the following is the BEST example of a private good?
A) a can of Mountain Dew B) fish in the ocean C) cable television D) national defense
Amy has the total utility values given above for DVD rentals a week. Complete the table by calculating her marginal utilities
What will be an ideal response?
The following accompanying table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPU GHzTotal BenefitMarginal BenefitTotal CostMarginal Costs2.0$1,000 $900 2.5$1,400 $1003.0 $300$1,200 3.5$1,900 $1,500 4.0$2,000 $400 The total cost of a 2.5GHz computer is:
A. $200. B. $1,000. C. $900. D. $100.
During Britain's brief alignment with the ERM from 1990-1992, the trilemma tells us that monetary policy authority no longer existed in Britain. Why?
A) Britain could print more pounds, but could not increase its gold stock. B) Britain kept monetary growth rates at zero. C) The British interest rate equaled the German rate to attain uncovered interest parity. D) The British could lower unemployment using other means such as fiscal policy.