Suppose a private monopolist is supplying a good that is nonrival but excludable. The market demand for the good is P = 24 - 3Q. If the marginal cost of providing this good is zero, but the firm charges $18, then the monopolist will provide ________ units, and the efficient number of units is ________.
A. 2; 2
B. 2; 8
C. 6; 8
D. 4; 2
Answer: B
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Iron mining, coal mining, and coke production constitute the _____ steps in steel making
a. intermediate b. upstream c. final d. introductory
The number of people willing to buy tickets to the Super Bowl is invariably greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is
a. higher than the equilibrium price. b. equal to the equilibrium price since the number of tickets bought equals the number sold. c. lower than the equilibrium price. d. higher than the equilibrium price when the demand is inelastic but lower when the demand is elastic.
Net taxes:
What will be an ideal response?
To answer the question, refer to the following table showing a demand schedule: 
If price falls from $200 to $150,
A. an arrow representing the price effect points down and is longer than an arrow for the quantity effect. B. an arrow representing the quantity effect points up and is shorter than an arrow for the price effect. C. arrows representing the price and quantity effects both point down. D. total revenue moves in the same direction as the arrow representing the quantity effect. E. arrows representing the price and quantity effects both point up.