Suppose that Figure 10.4 shows a monopolist's demand curve, marginal revenue, and its costs. The monopolist would maximize its profit by producing a quantity of:
A. 30 units.
B. 50 units.
C. 60 units.
D. There is not sufficient information.
Answer: A
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Refer to Resource Supply/Demand. What does area D represent?
The following questions refer to the accompanying graph, which shows the supply and demand for a resource. The owner of the resource is receiving the price P0 and is providing the quantity Q0.
a. The value that Q0 units of the resource gives to demanders.
b. The revenue generated from selling Q0 units of the resource.
c. The rent that resource owner earns from providing Q0 units.
d. The minimum payment needed for the resource owner to supply Q0 units.
If nominal GDP is $6.0 trillion and the quantity of money is $1.5 trillion, then the
A) velocity of circulation is 4. B) price level is 4.00. C) price level is 120. D) price level is 110. E) velocity of circulation is 10.
Which of the following is included in the GDP?
A) the current services flowing from the housing stock B) the estimated value of drugs sold illegally C) the estimated value of leisure time D) transfer payments such as Social Security and veterans' benefits E) private purchases of used assets
The superstar effect is that
A) the supply of superstars is more elastic than that for average players. B) the labor market cannot create equilibrium wages for the best players. C) the demand for a few players is relatively greater than the demand for most other players. D) none of these choices.