In the Keynesian consumption function, if current income is equal to zero, consumption spending is equal to ________
A) the marginal propensity to consume
B) the average propensity to save
C) autonomous consumption
D) exogenous consumption
C
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Natural gas is a natural monopoly. The figure shows the market for natural gas in the city of Lucknow. When an average cost price rule regulation is imposed, the price per household per month is ________
A) $30 and 20,000 household are served B) $10 and 40,000 household are served C) $25 and 20,000 household are served D) $20 and 30,000 households are served
To maximize joint profits, a cartel must determine the level of output at which:
A) joint marginal revenue equals the marginal cost of the largest member of the cartel. B) marginal revenue equals joint marginal cost. C) the horizontally sum of the members marginal cost curves is at a minimum. D) joint marginal revenue equals the marginal cost of the smallest member of the cartel.