When a monopolist sells two units of output its total revenues are $100. When the monopolist sells three units of output its total revenues are $120. When the monopolist sells three units of output, the price per unit is:
A. $6.67.
B. $20.
C. $33.33.
D. $40.
Answer: D
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The use of money as a medium of exchange I. lowers transaction costs. II. permits more specialization
A) I only B) II only C) Neither I nor II D) Both I and II
Jamal (now age 54) lost his job. He has very specialized skills that are no longer in demand. Jamal's unemployment is best classified as:
a. cyclical. b. structural. c. seasonal. d. frictional. e. voluntary.
Assume that the central bank purchases government securities in the open market. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real GDP and net nonreserve-related international borrowing/lending in the context of the Three-Sector-Model?
a. Real GDP falls, and net nonreserve-related international borrowing/lending becomes s more negative (or less positive). b. Real GDP rises, and net nonreserve-related international borrowing/lending becomes s more negative (or less positive). c. Real GDP falls, and net nonreserve-related international borrowing/lending becomes s more positive (or less negative). d. Real GDP and net nonreserve-related international borrowing/lending remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
According to the Ricardian equivalence theorem, people increase savings when the government increases deficits because they recognize the link between government deficits and higher future taxes.
Answer the following statement true (T) or false (F)