Refer to Scenario 10.2. What is the profit maximizing level of output?
A) 0
B) 90
C) 95
D) 100
E) none of the above
C
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Along a downward-sloping, linear demand curve, total revenue is the greatest
A) where demand is unit elastic. B) where demand is normal. C) where demand is the most elastic. D) where demand is the most inelastic.
If voters are rational, they are more likely to vote
A. if the issues are complex. B. when they are employed. C. in small local elections. D. in large national elections.
A firm is more likely to have a natural monopoly when:
A. the size of the market is small relative to the efficient scale of the firm. B. the size of the market is large relative to the efficient scale of the firm. C. the firms face no or low fixed costs. D. the government grants the firm an exclusive license to operate.
Which of the following characteristics is least unique to a market system?
A. the widespread use of money B. freedom of enterprise and choice C. private ownership of property resources D. competition among buyers and sellers pursuing monetary returns