A monopolist's total profit is shown by the difference between price and average cost per unit times the number of units sold
a. True
b. False
Indicate whether the statement is true or false
True
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The table above shows the marginal benefit from providing police protection in a community of two people, Jake and Elwood. Police protection is a public good
a) What is the marginal social benefit to community from the 4th police car on duty? b) If the marginal social cost of a police car on duty is $37, what is the efficient number of cars on duty? c) If the marginal social cost of a police car on duty is $70, what is the efficient number of cars on duty?
Suppose that the government passes a law requiring households to increase savings 10% above previous levels. According to Solow's growth theory, in the short run
A) output per capita grows more rapidly. B) output per capita grows at the constant steady state rate, n. C) output per capita stays constant. D) None of the above.