In a monopoly
A) the firm is large in an absolute sense.
B) the market is small in an absolute sense.
C) the firm and the industry are the same thing.
D) the monopolist determines how much each firm will produce.
Answer: C
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The increase in output that results when one more unit of a variable input is hired is called
A) total physical product. B) marginal physical product. C) average physical product. D) marginal revenue.
If it is a cultural norm to practice an afternoon "siesta" (nap), it is likely that the labor:
A. demand in that culture would be relatively greater at any wage. B. demand in that culture would be relatively lower at any wage. C. supply in that culture would be relatively greater at any wage. D. supply in that culture would be relatively lower at any wage.
What will happen to profits and domestic prices when a quota is used to protect a domestic monopolist from international competition?
a. Profits will fall; domestic prices will fall. b. Profits will fall; domestic prices will rise. c. Profits will rise; domestic prices will rise. d. Profits will rise; domestic prices will fall.
Income:
A. is a stock concept. B. consists of accumulated assets. C. is a flow concept. D. consists of wages only.