Figure 13.1 shows a demand and costs of an unregulated monopoly. At the profit maximization output, the firm earns a profit of:
A. $0.
B. $10,000.
C. $50,000.
D. $80,000.
Answer: B
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The world of flexible exchange rates and perfect capital mobility is often called the
A) Keynesian model. B) Mundell-Fleming model. C) Monetarist model. D) Melvin model.
Rare earth metals are used to manufacture some important electronic components in popular products like cell phones. These metals are not really rare, but they are expensive to extract from the ground
What happens to the market for the rare earth metals if these extraction costs increase? A) Demand curve shifts leftward B) Demand curve shifts rightward C) Supply curve shifts leftward D) Supply curve shifts rightward
The Federal Reserve System is under the strict control of
a. the executive branch b. the legislative branch c. the judicial branch d. the International Monetary Fund e. none of the above
To make things simpler and focus attention on what really matters, economists:
A. use assumptions. B. ignore all variables. C. think at the margin. D. respond to incentives.