This table represents the revenues faced by a monopolist.PriceQuantity SoldTotal RevenueAverage RevenueMarginal Revenue$1,0001$1,000 $9002$1,800 $8003$2,400 $7004$2,800 $6005$3,000 $5006$3,000 $4007$2,800 Using the information in the table shown, if you were to graph the first two columns, you would have graphed which curve?
A. Marginal revenue
B. Total productivity
C. Market demand
D. Market supply
Answer: C
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Inflation can be measured by the
a. change in the consumer price index. Inflation in the U.S. has averaged about 2.5% over the last 80 years.
b. change in the consumer price index. Inflation in the U.S. has averaged about 4% over the last 80 years.
c. percentage change in the consumer price index. Inflation in the U.S. has averaged about 3.6% over the last 80 years.
d. percentage change in the consumer price index. Inflation in the U.S. has averaged about 4% over the last 80 years.
Predatory pricing
A. is usually quite effective at driving smaller firms out of a market. B. is illegal under antitrust laws. C. is often an inexpensive way for a large firm to drive smaller firms out of a market. D. is a form of price leadership.
Unlike a perfectly competitive firm, a monopolist
A. can choose how much output to produce. B. cannot increase production without affecting the price he or she receives for his or her good. C. usually sells in a market with a downward-sloping demand curve. D. has an MR from increasing output by one unit equal to the price of his or her product.
Asymmetric shocks pose a problem for nations linked by fixed exchange rates to a base currency. In general:
A) the home nation always has a better outcome than its foreign trading partner. B) both nations share a common currency and so will experience equal results. C) when the base currency nation takes any action to counteract the shock, it forces its exchange rate partner to do the same to maintain its peg. D) both nations only get half the benefit of any economic policy.