If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then profit maximization is achieved when the monopoly sets price equal to

The open access equilibrium for a common property resource occurs at the point where

a. Average revenue equals marginal cost b. Total social benefits are maximized c. Total private benefits are maximized d. Marginal revenue equals marginal cost e. Marginal revenue equals total costs

Stagflation occurs when the economy experiences:

a. low unemployment and low inflation. b. high unemployment and rapid inflation. c. low unemployment and rapid inflation. d. high unemployment and low inflation.