Refer to the table below for Nina. What is the change in total revenue if she lowers the price from $20 to $18?
The table shows the demand schedule facing Nina, a monopolist selling baskets.
A. $10
B. $20
C. $30
D. $40
C. $30
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If the Fed wanted to use all three of its major monetary control tools to decrease the money supply, it would:
a. buy bonds, reduce the discount rate, and reduce reserve requirements. b. sell bonds, reduce the discount rate, and reduce reserve requirements. c. sell bonds, increase the discount rate, and increase reserve requirements. d. buy bonds, increase the discount rate, and increase reserve requirements.
An average variable cost function is estimated asAVC = 96 ? 2Q + 0.05Q2Which of the following cost functions is associated with this estimate?
A. SMC = 96 - 4Q + 0.1Q2 B. TVC = 96Q- 2Q2 + 0.05Q3 C. TVC = 96Q + 4Q2 + 0.15Q3 D. SMC = 96 - 4Q + 0.15Q2 E. both b and d
One worker produces 5 rocking chairs. To produce 10 rocking chairs it will be necessary to hire more than two workers, if diminishing returns have set in.
Answer the following statement true (T) or false (F)
Which of the following statements is not true?
A. Trade is beneficial because it allows consumption beyond the production possibility frontier. B. Trade is beneficial because it allows all domestic industries to increase production. C. Trade is beneficial because it allows more efficient production. D. Trade is beneficial because it allows consumers to buy goods at cheaper prices.