If you decide to go to a movie on a Friday night rather than write a letter to your grandmother, you
A) are willing to deprive your grandmother of a letter simply in order to enjoy a movie.
B) place more value on the movie than on your grandmother.
C) would rather have fun than fulfill your responsibilities to your relatives.
D) none of the above.
D
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Which of the following is the largest component of national income?
A) net interest B) compensation of employees by firms C) corporate profits D) rental income
Suppose a monopolist is producing a level of output such that MR > MC. What should the firm do to maximize its profits?
A) The firm should do nothing — it wants to maximize the difference between MR and MC in order to maximize its profits. B) The firm should hire less labor. C) The firm should increase price. D) The firm should increase output.