Refer to the graph below for a monopolist in short-run equilibrium. This monopolist has total cost equal to area:
A. CADF
B. 0ADQ
C. ADFC
D. 0CFQ
B. 0ADQ
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The idea that the production function exhibits _______ implies that ________
A) diminishing returns; the Lucas Wedge increases at output increases B) diminishing returns; each additional unit of labor employed generates an ever-decreasing amount of real GDP C) increasing returns; potential GDP is always increasing D) increasing returns; output should increase steadily as technology grows E) constant returns; each additional unit of labor employed generates an increasing amount of real GDP
Screening refers to
a. private schools selecting only the students who are easiest to teach b. employers requiring a high-school diploma as a way of rejecting unqualified applicants c. governments deciding who should receive health care d. universities using standardized testing to decide who should enter e. none of the above
If nominal GDP is $5 trillion and velocity is 20, then
A) actual money balances held by the nonbanking public are $250 billion. B) actual money balances held by the nonbanking public are $100 trillion. C) real GDP equals $100 trillion. D) real GDP equals $400 trillion.
Suppose a tax of $10 per unit is imposed on this market. What will be the new equilibrium quantity in this market?
A. less than 70 units B. greater than 100 units C. 70 units D. between 70 units and 100 units