A non-discriminating pure monopolist is generally viewed as:
A. Productively efficient, but allocatively inefficient
B. Productively inefficient, but allocatively efficient
C. Both productively and allocatively inefficient
D. Both productively and allocatively efficient
C. Both productively and allocatively inefficient
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Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.2Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)A20Na195 B35 180 C45 150 D50 100NAOn the basis of Table 1.2, the law of increasing opportunity costs applies to
A. Stealth bombers but not to B-1 bombers. B. B-1 bombers. C. Both B-1 bombers and Stealth bombers. D. Neither bomber.
At the Pampered Pet Salon the marginal products of the first, second, and third workers are 20, 16, and 10 dogs washed, respectively. The total product (number of dogs washed) of the first two workers is
A. 16. B. 20. C. 36. D. 46.
Which of the following is not a determinant of a good's price elasticity of demand?
A) the slope of the demand curve B) whether the good is a luxury or a necessity C) the share of the good in the consumer's total budget D) the passage of time
After a price floor of $23 is placed on the market in the graph shown, which area represents producer surplus?
A. B + C + D + F
B. B + E
C. B + C + D
D. B + C + E + F