The table above gives the demand for a monopolist's output. What is the total revenue when 3 units of output are produced?
A) $21
B) $20
C) $18
D) $6
C
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When one firm sells a good or service that has no close substitutes and a barrier blocks the entry of new firms, what type of market is this?
A) perfect competition B) only monopoly C) oligopoly D) only monopolistic competition E) either monopoly or monopolistic competition
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.According to the figure shown, if Starbucks expands in the market, then Dunkin Donuts should:
A. not expand. B. give an ultimatum. C. also expand their business. D. None of these statements is true.
Which would be a normative economic statement?
a. Retail sales were flat last month and continue on their downward trend b. Prices are increasing at a rate of 3 percent a year c. This administration should raise taxes to pay for childcare programs d. The poverty rate hit a new high last year
Which of the following equations is CORRECT?
A. accounting profit = total revenue - (explicit costs + implicit costs) B. economic profit = accounting profit - explicit costs C. normal profit = accounting profit + economic profit D. economic profit = accounting profit - implicit costs