Which of the following is true of marginal revenue for a monopolist that charges a single price?
a. P=MR because there are no close substitutes for the monopolist's product.
b. P>MR because the monopolist must decrease price on all units sold in order to sell an additional unit.
c. P
b
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Suppose that average labor productivity in Country C is $6,000, and that Countries C and A have the same real GDP per capita. Based on the information in the table, what must be the average labor productivity in Country A?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. $2,400 B. $1,800 C. $5,000 D. $7,200
Consider the above figure. Autonomous consumption, in this scenario, is equal to
A) $30. B) $80. C) $60. D) $40.
A cellphone maker sells 6,000 units per month at $600 each. The firm is investigating whether a price cut to $500 is warranted. The firm’s marginal cost of production of each phone is a constant $400 per unit. To maintain profits at their current level, quantity sold must increase to at least
A. 8,000 B. 10,000 C. 12,000 D. 15,000
Edward Denison identified which of the following as the main source of productivity growth in the United States between 1929 and 1982?
A. added labor and capital B. the increase in labor's education and training C. advances in knowledge obtained through research and development D. the improved quality of corporate management