For a monopolist, marginal revenue is
a. positive when the demand effect is greater than the supply effect.
b. positive when the monopoly effect is greater than the competitive effect.
c. negative when the price effect is greater than the output effect.
d. negative when the output effect is greater than the price effect.
c
Economics
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A mathematical technique used to solve constrained optimization problems (finding the consumer optimum, for example) is:
A) the method of Lagrange multipliers. B) the Cobb-Douglas method. C) the Slutsky method. D) the Hicks substitution method.
Economics
The number of people in the world who are absolutely poor is closest to
a. a quarter-billion. b. a half-billion. c. one and a half billion. d. two billion. e. four billion.
Economics