The monopolist's input demand curve is equal to its
A) variable cost curve.
B) marginal cost curve.
C) average cost curve.
D) marginal revenue product curve.
Answer: D
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Which of the following is a definition of the consumption function?
a. A functional relationship between real consumption spending and real disposable income b. A functional relationship between real consumption spending and the interest rate c. A functional relationship between real consumption spending and wealth d. A functional relationship between real consumption spending and total spending e. A functional relationship between real consumption spending and net taxes
A stairwell in a certain office building is always congested at 12:00 p.m. and 1:00 p.m. The congestion is so bad that people have been complaining to the building's owner. Which of the following methods would be the most efficient way of reducing congestion?
a. Assign each person in the building a time when they are allowed to use the stairwell. b. Encourage people to voluntarily keep off the stairwell during peak times. c. Charge everyone who uses the stairwell when it is congested the same fee. People who value the use of the stairs the most will be the ones who use the stairwell at peak times. d. Hold a lottery to determine who wins the right to use the stairwell at peak times.
In periods when GDP grows very rapidly for a long period, the actual unemployment rate will be ________ than the natural rate of unemployment.
A. lower B. higher C. the same D. more variable
A tax on sellers has what effect on a market?
A. Equilibrium price decreases and equilibrium quantity increases. B. Supply shifts vertically upward by the amount of the tax. C. Equilibrium price decreases and equilibrium quantity decreases. D. Demand shifts vertically downward by the amount of the tax.