The demand for a monopoly's output is p = 50 - Q. The monopoly's marginal cost is $4 and the market wage is $2. How many units of labor are demanded by the monopoly?

The most important function of money is when money is used as a

A) medium of exchange. B) unit of accounting. C) standard of deferred payment. D) store of value.

In evaluating the degree of economic efficiency in a market, we can state that the size of the deadweight loss in a market will be smaller

A) the greater the difference between marginal cost and average revenue. B) the smaller the difference between marginal cost and price. C) the greater the difference between marginal cost and price. D) the smaller the difference between marginal cost and average total cost.