If a monopolist is producing at an output rate at which P = ATC, then
A) its economic profit will be zero.
B) its economic profit will be positive.
C) it is maximizing its profits.
D) it is minimizing its losses.
Answer: A
Economics
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If the real wage is equal to 7 widgets, and only an integer number of workers can be hired, the Widget company should hire
A) 2 workers. B) 3 workers. C) 4 workers. D) 5 workers.
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According to the special interest theory, the licensing of beauticians would be
a. desired by consumers in order to promote the public interest b. desired by beauticians in order to promote the public interest c. discouraged by all beauty salons, large or small d. desired by some beauticians in order to restrict entry into their profession e. done strictly at the initiative of the government
Economics