For a monopolist to sell more units of output
A. the price must be increased.
B. demand must become more elastic.
C. the other competing firms must sell fewer units.
D. the price must be reduced.
Answer: D
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Why should people without children pay some tax to support local schools?
What will be an ideal response?
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Suppose Country B's population of workers increased to 600. We can say:
A. Country B now possesses the absolute advantage in the production of both goods. B. Country B now possesses the absolute advantage in tablets only. C. Country B now has the comparative advantage in iPod production. D. Country B has no need to trade now.
Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.
Figure 6.10Refer to Figure 6.10. The current price of a turkey sandwich is $8. If Kyle is currently buying seven turkey sandwiches a week, he ________ maximizing utility because the marginal utility ________ than its price.
A. is not; gained from the seventh sandwich is less B. is; from the seventh sandwich is less C. is; from the seventh sandwich is greater D. is not; gained from the seventh sandwich is greater
Suppose that when one person consumes a good, it is possible to provide it to others at no additional cost. Such a good is called
a. nonexcludable. b. nonrivalrous. c. a free good. d. a Clarke good.