Which of the following falsely describes a nondiscriminating monopolist at profit maximization?
a. Price is greater than marginal cost.
b. Economic profit is always positive.
c. Marginal revenue is equal to marginal cost.
d. Marginal revenue will typically be less than price.
e. Average total cost will not be at a minimum.
B
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A country has a total of 300 million people over the age of 16 who are not in active military or institutionalized. Of those, 200 million have jobs and 20 million are looking for jobs. The unemployment rate is:
A) 2.8% B) 0.0% C) 9.1% D) 2.2%
When we graph consumption as a function of national income rather than as a function of ________, the slope of this consumption function is the ________
A) disposable income; MPC B) personal income; MPS C) disposable income; MPS D) personal income; MPC
If the mangers of Special Cakes, a large bakery, acquire an egg farm to produce the eggs for their cakes, the managers of Special Cakes are likely to experience all of the following except which one?
A) an increase in their required areas of expertise B) an increase in managerial diseconomies C) a decrease in managerial diseconomies D) an increase in the complexity of coordination of Special Cakes
An asset market is said to experience a speculative bubble when
a. the price of the asset rises above what appears to be its fundamental value. b. the price of the asset appears to follow a random walk. c. the market cannot establish an equilibrium price for the asset. d. the asset is a natural resource and its supply is manipulated by foreign nations and foreign firms.