The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns
A) end when the fourth worker is hired.
B) occur at all levels of employment.
C) occur as long as output increases.
D) end when the second worker is hired.
E) never occur.
A
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If the price elasticity of demand for a good is 2, then a 10 percent increase in the price of that good ________ the quantity demanded by ________ percent
A) increases; 20 B) decreases; 2 C) decreases; 10 D) decreases; 20 E) increases; 8
The most immediate and direct effect of minimum price laws designed to prevent predatory pricing is to
A) guarantee profits to all sellers, large or small. B) guarantee profits to large sellers exclusively. C) guarantee profits to small sellers exclusively. D) preserve competition without guaranteeing profits. E) prevent competition without guaranteeing profits.
Suppose that the demand for digital cameras is elastic, and the supply of digital cameras is inelastic. A tax of $20 per camera levied on digital cameras will decrease the effective price received by sellers of digital cameras by
a. less than $10. b. $10. c. between $10 and $20. d. $20.
A monopolist produces ________ than a perfectly competitive firm, and charges a ________ price
a. less; higher b. less; lower c. more; higher d. more; lower