Figure 12.2 shows demand, marginal revenue, and costs of a duopolist. Suppose that the two duopolists have the same costs. If the two firms form a cartel and charge the profit maximizing monopoly price, compared to perfect competition, the market price will be ________ and the total output level will be ________.
A. higher; greater
B. higher; smaller
C. lower; greater
D. lower; smaller
Answer: B
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You are planning a graduation trip to Mexico. Other things the same, if the dollar depreciates relative to the peso, then
a. the dollar buys fewer pesos. Your hotel room in Mexico will require fewer dollars. b. the dollar buys fewer pesos. Your hotel room in Mexico will require more dollars. c. the dollar buys more pesos. Your hotel room in Mexico will require fewer dollars. d. the dollar buys more pesos. Your hotel room in Mexico will require more dollars.
Economist Steven Levitt argues the Supreme Court decision ________ had an impact on reducing crime during the 1990s because it is associated with "wantedness."
A. on gay marriage B. on school bussing C. on abortion D. on prayer in schools
Explain why nominal wages are a function of the expected price level
What will be an ideal response?
Refer to the information provided in Figure 8.8 below to answer the question(s) that follow. 
Figure 8.8 Refer to Figure 8.8. If this farmer is producing the profit-maximizing level of output, her marginal cost is
A. $2. B. $8. C. $9. D. $12.