Refer to the figure above. If the monopolist faces a constant marginal cost of $10, what is the optimal quantity that it should produce?
A) 20 units
B) 30 units
C) 40 units
D) 80 units
A
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Jane produces only corn and cloth. Taking account of her preferences for corn and cloth
A) makes her production possibilities frontier straighter. B) makes her production possibilities frontier steeper. C) makes her production possibilities frontier flatter. D) does not affect her production possibilities frontier.
Which of the following is operating income?
A) stockholders' equity B) explicit plus implicit costs C) net profit D) revenue minus operating expenses
Wages for high-skilled labor have risen more than wages for low-skilled labor even though more people are highly skilled college graduates than ever before. Which of the following explains this?
a. The demand for high-skilled labor has risen alongside the number of college graduates. b. The demand for low-skilled labor has risen while the demand for high-skilled labor remains the same. c. The value of both high-skilled labor and low-skilled labor has risen, but demand for both remains the same. d. The value of low-skilled labor has risen alongside the number of high school graduates.
Name brand drugs are able to continue capitalizing on their market power even after generic drugs enter the market because (i) almost all people fear the generic drug companies are devoting too few resources to research and development. (ii) some people fear that generic drugs are inferior. (iii) some people are loyal to the name brand
a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)