What typically happens to benefits as the amount of an activity is increased?
A) Total benefits remain constant.
B) Marginal benefit increases.
C) Marginal benefit remains constant.
D) Marginal benefit decreases.
E) The marginal benefit changes only if the marginal cost changes.
D
Economics
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A monopolist that operates along the elastic range of its demand will find that
A) its total revenue increases when price decreases. B) its total revenue decreases when price decreases. C) its marginal revenue is negative. D) it is more profitable to operate along the inelastic range of the demand curve.
Economics
Holding demand constant, a reduction in supply leads to
A) lower prices and higher quantity demanded. B) lower prices and lower quantity demanded. C) higher prices and higher quantity demanded. D) higher prices and lower quantity demanded.
Economics