Which of the following is true for the monopolist?
a. Marginal revenue is less than the price charged.
b. Economic profit is possible in the long-run.
c. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost.
d. All of the above.
e. None of the above.
d
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing oranges?
A) The U.S. B) Canada C) Both countries D) Neither country
One of the primary objections to the new classical model is that ________
A) firms could easily get information about price movements and so would not be fooled for very long B) price is negatively related to quantity demanded, but positively related to quantity supplied C) business cycles are relatively brief in duration D) it failed to incorporate rational expectations into its presentation