A monopolist will
a. never produce at an output level where marginal revenue is positive
b. never produce at an output level where marginal revenue is constant
c. never produce at an output level where marginal revenue is negative
d. never produce at an output level where marginal cost is positive
e. ignore marginal revenue as long as average revenue is positive
C
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If a quota is imposed on imports of shrimp into the United States, U.S. consumers ________ and U.S. producers ________
A) gain; gain B) lose; gain C) gain; are unaffected D) lose; lose E) gain; lose
If people are given one of two items of the same value and are given the choice to exchange it:
A. everyone will keep the first item since it was free. B. most will keep the original item since people tend to value what they have more than a product that they do not. C. about 50 percent will make the change since half prefer the item they have and half prefer the item they do not have. D. everyone will trade since people like to trade.