The figure above shows a monopoly's total revenue and total cost curves. The monopoly's marginal revenue equals its marginal cost when it produces
A) 0 units of output.
B) 5 units of output.
C) 15 units of output.
D) 20 units of output.
C
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The activist response to the monetarist platform says that
A) private spending may show some stability, but monetary or fiscal policy designed to stabilize it will just make things worse. B) private spending is stable partly because consumption spending is based on permanent income. C) even if prices are not completely flexible in the short-run, given time there is enough flexibility for the system to return to the natural level of real GDP. D) None of the above.
During the Great Depression in the 1930s, world prices of most primary products plummeted. This caused many countries to turn toward
A. exporting agricultural goods. B. exporting manufactured goods. C. import-substituting industrialization. D. importing manufactured goods.
The rate of unemployment tends to reach the natural rate of unemployment
A. after real Gross Domestic Product (GDP) not longer increases. B. when frictional unemployment and structural unemployment not long exist. C. when the economy returns to the long-run aggregate supply curve. D. only when there are no "rigidities" in the labor market.
The payroll tax for income earners at top income levels in the United States is
A. proportional. B. progressive. C. regressive. D. uniform.