Assume someone organizes all farms in the nation into a monopoly. What is the monopoly's marginal cost curve?
A) It is a horizontal line at the competitive industry's price.
B) It is a vertical line at the formerly competitive industry's quantity.
C) It is a vertical line at the monopoly's chosen output level.
D) It is the formerly competitive industry's supply curve.
E) It is the same as the formally competitive industry's average total cost curve.
D
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Refer to the above figure. In the absence of a subsidy,
A) Qd would be demanded and QM would be supplied. B) the price Pd would be charged and quantity QM demanded. C) the quantity Qo and price Po would prevail in the market. D) None of the above is correct.
Between 1864 and 1900, the largest portion of railroad track (as a percentage of total annual construction) was laid in which region of the U.S.?
a. the Southeast b. the Northeast c. the Pacific Northwest d. the Great Plains region
According to the textbook, the union wage premium for workers with the same amount of human capital is about ________.
A. 30 percent B. 20 percent C. 40 percent D. 10 percent
An inflationary gap will exist when
A. aggregate demand grows more slowly than aggregate supply. B. there is downward pressure on prices. C. expenditures are not equal to aggregate demand. D. equilibrium GDP is greater than full employment GDP.