Since the 1960s, the percentage of U.S. output exported to foreigners

A) remained about the same.
B) more than doubled.
C) increased by more than ten times.
D) declined by about half.

B

Economics

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Suppose a monopolistic competitor produces 1,250 units of a good in equilibrium and charges a price of $7.50 for each unit. If the average total cost of producing 1,250 units of the good is $8, what is the total loss incurred by the producer?

A) $0.50 B) $500 C) $625 D) $1.50

Economics

If the demand for a firm's output is perfectly elastic, then the firm's Lerner Index equals

A) zero. B) one. C) infinity. D) one-half.

Economics