Poverty
What will be an ideal response?
Subjective concept
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A single-price monopoly faces a linear demand curve. If the marginal revenue for the second unit is $20, then the marginal revenue for the
A) first unit is less than $20. B) third unit is less than $20. C) third unit is more than $20. D) third unit is also $20. E) more information is needed to determine if the marginal revenue for the third unit is more than, less than, or equal to $20.
Both countries can benefit from trade when:
A. at least one country produces the good for which it has an absolute advantage. B. each specializes in producing the good for which it has a comparative advantage. C. each specializes in producing the good for which it has an absolute advantage. D. there are no trade barriers that are erected by either country.
Refer to Exhibit 6-2. The labor force participation rate in year 3 is
a. 12 1/2 percent. b. 70 percent. c. 80 percent. d. 30 percent. e. 50 percent.
According to the textbook, the owners of restaurants encourage tipping in order to:
A. solve a commitment problem with their wait staff. B. avoid playing a dominated strategy. C. sustain cooperation in a repeated prisoner's dilemma. D. insure that their waiters earn enough money.