A monopoly sells 10 units of output at $10. If the MR of the 11th unit is $4.50, then the price of the 11th unit is
A) also $10.
B) $9.50.
C) greater than $10.
D) $7.25.
B
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It would have been very difficult to clean up Lake Erie some years ago without government participation primarily because
A) environmental improvements benefit everyone and should therefore be financed from taxes. B) the lake is a navigable body of water. C) the lake is officially public property. D) the pursuit of profit will cause environmental deterioration. E) too many people could benefit without helping to pay the cost of the cleanup.
According to the text, which of the following is a macroeconomic outcome?
A. Internal market forces B. Policy levers C. International balance D. Population growth
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net loss of consumer surplus equals area(s)
A. A + B + C. B. B + C. C. A + B + C + D. D. A.
The face value of money or income is called its ________ value.
A. real B. marginal C. nominal D. external