Most economic data are obtained
A) through randomized controlled experiments.
B) by calibration methods.
C) through textbook examples typically involving ten observation points.
D) by observing real-world behavior.
Answer: D
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Indicate whether the statement is true or false
Suppose a firm has a monopoly on the sale of widgets and faces a downward-sloping demand curve. When selling the 100th widget, the firm will always receive
a. less marginal revenue on the 100th widget than it received on the 99th widget. b. more average revenue on the 100th widget than it received on the 99th widget. c. more total revenue on the 100 widgets than it received on the first 99 widgets. d. a lower average cost per unit at 100 units of output than at 99 units of output.