The table above shows the demand and costs for a single-price monopolist. The firm can maximize its profit by setting its price at
A) $30 per unit.
B) $35 per unit.
C) $40 per unit.
D) $45 per unit.
B
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Demonstrating how an economic variable changes from one year to the next is best illustrated by a
A) time-series graph. B) scatter diagram. C) Venn diagram. D) linear graph. E) cross-section graph.
The "implicit debt" accompanying the Social Security and Medicare programs is
a. substantially greater than the national debt. b. approximately equal to the national debt. c. about half the size of the national debt. d. about one tenth the size of the national debt.
Suppose a hurricane decreased the supply of oranges so that the price of oranges rose from $120 a ton to $180 a ton and quantity sold decreased from 800 tons to 240 tons. What is the absolute value of the price elasticity of demand?
A) 0.11
B) 0.37
C) 2.69
D) 9.33
The Social Security system is financed by
A. a payroll tax paid only by employers. B. a tax on individual retirement accounts. C. a tax on luxury goods. D. a payroll tax paid by both employers and employees.