A monopoly is charging $500 for its product and at this price, the price elasticity of demand is 1.0. What is its marginal revenue?
A) $0 B) -$500 C) $1 D) $500
A) $0
You might also like to view...
Omomyoids focused on __________ for food
a. leaves b. small animals and fruit c. fruit and insects d. grasses and termites
At a given output level, if the cost of capital is $40 per hour, the wage paid to employees is $40 per hour, the marginal product of capital is 120 units per hour, and the marginal product of labor is 120 units per hour, the firm is ________.
A) on a short-run average total cost curve, but not the long-run average cost curve B) on the long-run average total cost curve, but not a short-run average cost curve C) on neither a short-run average total cost curve nor the long-run average cost curve D) on both a short-run average total cost curve and the long-run average cost curve
The process by which people control the distribution, abundance, and biological features of certain plants and animals in order to increase their usefulness to humans is called:
a. agriculture. b. foraging. c. pastoralism. d. domestication.
This chapter mentions the work of Wolf and Mintz, both students of Julian Steward, as illustrations of approaches that
A. ignore the role of history in shaping culture as we know it. B. consider the relevance of world-system theory and political economy to anthropology. C. focus on the study of cultures as closed systems, untouched by regional and even global dynamics. D. put human agency at the center of cultural analysis. E. are just as deterministic as the old evolutionary models, but for different reasons.