For a monopolist, at the profit-maximizing level of output:
A. total revenue is equal to total cost.
B. marginal cost is greater than price.
C. price is greater than average revenue.
D. average revenue is greater than marginal cost.
Answer: D
Economics
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Which of the following would raise the price level in both the short and long run?
a. an increase in taxes b. an increase in government expenditures c. a decrease in the minimum wage d. an increase in the capital stock
Economics
An inflationary output gap is defined to be when the current level of output is:
A. high enough to cause an unexpected amount of inflation. B. below full employment GDP. C. above full employment GDP. D. equivalent to full employment GDP.
Economics