For the single-price monopoly, marginal revenue is
a. more important than marginal cost
b. always more than marginal cost
c. always less than average cost
d. always less than the price of output
e. more significant than total revenue
D
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Scientists have said for years cod was so seriously overfished in European Union waters that there was a risk of extinction due to stock collapse
"To ensure this recovery… Ministers agreed a 10 percent cut in days at sea (for North Sea cod)," EU Fisheries Commissioner Joe Borg stated in 2008. What is the goal of this policy? A) To reduce the number of fishing days to the point where marginal cost per day equals marginal benefit B) To reduce the number of fishing days to the point where marginal social cost per day equals marginal benefit C) To reduce the number of fishing days to the point where marginal social benefit per day equals marginal benefit D) To reduce the number of fishing days to the point where marginal social cost per day equals marginal social benefit
In centrally planned economies, most prices are not
a. established by central planners b. inflexible c. set below the market-clearing level d. based on consumer demand e. the cause of shortages of supply
If a negative income tax system were implemented, then the poor would have no incentive to find work
a. True b. False Indicate whether the statement is true or false
Monopolistic competition and perfect competition are different in that
A. only monopolistically competitive firms advertise. B. only perfectly competitive firms maximize profits where marginal revenue equals marginal cost. C. only perfectly competitive firms are characterized by long-run economic profits of zero. D. only monopolistically competitive firms can earn economic losses in the short-run.