Which of the following formulas would correctly calculate a monopolist's profit?
a. profit = price – marginal cost
b. profit = price – average total cost
c. profit = (price – marginal cost) × quantity
d. profit = (price – average total cost) × quantity
d
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The expenditure approach to GDP accounting includes
a. wages and salaries b. net exports c. net interest d. corporate profit e. proprietors' income
Which of the following statements is true of Bitcoin transactions?
a. All Bitcoin transactions are published on the Internet, but individuals' identifying addresses are kept confidential. b. Bitcoin customers' addresses are published on the Internet but the transaction details are kept confidential. c. In terms of confidentiality, Bitcoins rank slightly below checking accounts but far above cash transactions. d. One benefit of Bitcoins is they cannot be lost to computer hackers.
If something happens to alter the quantity demanded at any given price, then
a. the demand curve becomes steeper. b. the demand curve becomes flatter. c. the demand curve shifts. d. we move along the demand curve.
The introduction of word processing software that increases the demand for workers with computer skills relative to those without such skills is an example of:
A. skill-biased technological change. B. the diminishing marginal product of labor. C. increasing reservation prices. D. globalization.