If the demand for a monopolist's product increases, its
A) marginal revenue increases, making it more profitable to hire more workers.
B) marginal revenue increases, making it more profitable to hire fewer workers.
C) marginal revenue decreases, making it more profitable to hire more workers.
D) marginal revenue decreases, making it more profitable to hire fewer workers.
Answer: A
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In 2010, fears were growing that the dollar would experience a significant decline in value. What are the likely implications for the euro-dollar exchange rate?
What will be an ideal response?
Assume the table shown is for a hat factory, and shows the total production of hats given various numbers of employees. What is the marginal product of the ninth worker?
A. 10
B. 5
C. 15
D. 290
Answer the following statement(s) true (T) or false (F)
1. Economists mostly observe and study what people think, not what they do. 2. Our charitable actions for others are influenced by our assessment of our own benefits and costs. 3. Rational self-interest means that individuals try to weigh the expected marginal benefits and marginal costs of their decisions. 4. Theories and models are more complex versions of the real world used to explain and predict behavior.
A firm in a market economy must do all of the following to succeed except
A) produce the goods and services that consumers want at a lower cost than consumers themselves can produce. B) organize the factors of production into a functioning, efficient unit. C) have access to sufficient funds. D) be organized as a corporation.