If the marginal cost curve shifts upward, a profit-maximizing, nondiscriminating monopolist is likely to respond in the short run by
a. raising price and increasing output
b. raising price and decreasing output
c. keeping price constant and increasing output
d. reducing price and increasing output
e. shutting down
B
Economics
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If the foreign exchange rate for 1 Hungarian forint is 0.5 cent, then
A) a dinner priced at 400 forints will cost $20. B) a wine that sells for 600 forints will cost $3,000. C) a Big Mac hamburger priced at 50 forints will cost $1. D) a hotel room renting for 40,000 forints will cost $200.
Economics
A nonexcludable public good is
A) rivalrous in consumption and nonexcludable B) nonrivalrous in consumption and excludable C) nonrivalrous in consumption and nonexcludable D) rivalrous in consumption and excludable E) none of the above
Economics