The total output of a firm will be at a maximum where:
A. AP is at a maximum.
B. MP is zero.
C. AP is at a minimum.
D. MP is at a maximum.
Answer: B
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If a monopoly wants to sell a greater quantity of output, it must
A) lower its price. B) raise its price. C) tell consumers to buy more because it's a monopolist. D) raise its marginal cost. E) change its fixed costs.
The duration of a recession is measured from:
A. trough to peak. B. peak to trough. C. trough to trough. D. peak to peak.
The productivity of any input is independent and is not affected by the other resources that are used.
Answer the following statement true (T) or false (F)
If a fast food restaurant gives senior citizens a 10% discount on food every day, this is an example of price discrimination. If they only give the discount on Tuesdays, it is not price discrimination.
Answer the following statement true (T) or false (F)