Refer to the information provided in Table 13.3 below to answer the question(s) that follow. Table 13.3Price ($)Quantity4.001003.502003.003002.504002.005001.506001.00700Refer to Table 13.3. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the most the monopoly would expend in rent-seeking activity?
A. $300
B. $600
C. $900
D. $1,000
Answer: B
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A. vertical inequity. B. horizontal inequity. C. vertical equity. D. horizontal equity.
Refer to Table 7.1. As labor inputs increase from 5 to 6, output
A) increases by 98 units. B) increases by 16 units. C) increases by 12 units. D) increases at a negative rate.
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a. 7 percent b. 25 percent c. 15 percent d. 38 percent e. 52 percent
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a. can fix prices at levels that are too high. b. lack productive efficiency. c. lack allocative efficiency. d. can only exist hypothetically.