Voss Calculator Company has a monopoly on the sale of graphing calculators. If it sells two of these calculators its total revenue is $600, and if it sells three calculators its total revenue is $750. The marginal revenue of the third calculator sold is
A. $50.
B. $75.
C. $150.
D. $250.
Answer: C
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When a firm produces 50,000 units of output, its total cost equals $6.5 million. When it increases its production to 70,000 units of output, its total cost increases to $9.4 million. Within this range, the marginal cost of an additional unit of output is
A) $41.43.
B) $134.29.
C) $135.
D) $145.
A pay-as-you-go system
A. has current retirees being paid out of the taxes of current workers. B. has current retirees being paid out of the taxes of current workers and has a sufficient amount of money on hand currently to pay out all future obligations. C. has a sufficient amount of money on hand currently to pay out all future obligations. D. always requires a trust fund.
Which of the following is NOT the cause of an adverse productivity shock to the labor market?
A) a decline in the quantity of non-labor factors of production B) a drop in multifactor productivity C) a decrease in the labor force D) none of the above
Providers of health care insurance require applicants to provide information on their medical history. The purpose may be to minimize which of the following problems?
A) moral hazard B) adverse selection C) government taxes D) opportunity cost