When a monopolist faces a fixed marginal cost of production, profit is maximized if:
a. the slope of the tangent to the total revenue curve is equal to the slope of the total cost curve.
b. the slope of the total cost curve is 1.
c. the marginal revenue is zero.
d. the slope of the tangent to the total revenue curve is equal to the slope of the marginal revenue curve.
A
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When the price of broccoli increase relative to cauliflower, people who buy fresh vegetables respond by buying more cauliflower and fewer broccoli. As a result, the CPI has
A) a quality change bias. B) a new price bias. C) a commodity substitution bias. D) an outlet substitution bias. E) a new goods bias.
What would be the impact of an increase in foreign income on the net export function?
a. The net export function would shift upward. b. The net export function would shift downward. c. The slope of the net export function would increase. d. The slope of the net export function would decrease. e. There would be a movement up along the net export function.