Which of the following correctly completes this statement? The monopolist's marginal revenue
A) will be greater than price.
B) will be less than price.
C) will be equal to price.
D) will be greater than total revenues.
B
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The Federal Drug Administration slows the pace at which helpful medications reach the marketplace. The alternative of having the medication available to consumers earlier is an example of:
A. the opportunity cost of the Federal Drug Administration's regulation. B. how easy it is to identify and evaluate sunk costs. C. the marginal benefit of the Federal Drug Administration’s regulation. D. promoting consumer health in the population.
The law of demand says that as the price of a good rises,
a. buyers recognize that price may be even higher in the future, and so they buy now b. buyers purchase less in hopes that the price will fall in the future c. buyers purchase less, in part because their real income has fallen d. buyers purchase more, in part because the price of a substitute has risen e. buyers purchase more, in part because it has higher status at a higher price
When government provides goods and services, they are often produced in which of the following ways and why?
a. inefficiently because the government only produces when the benefits nation-wide outweigh the costs b. efficiently because the government always makes efficient decisions c. efficiently because the government allows special interest groups to determine what is produced d. inefficiently because there is no competition and no potential of going out of business
In a free market economy, current consumption, saving and investment decisions
What will be an ideal response?