Which of the following is least likely to be considered a necessary condition for a monopolist to realize profits from price discrimination
A product for which the demand curve is downward sloping.
B. At least two groups of customers, each with a different price elasticity of demand.
C. Two different costs of production.
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Which of the following is the most accurate definition of the unemployment rate The unemployment rate is the number of:
A. unemployed individuals divided by the number of employed individuals.
B. unemployed individuals divided by the total labor force.
C. unemployed individuals divided by the number of individuals employed plus the number of people in retirement.
Which of the following is most likely to occur in the short run if there is an unanticipated decrease in aggregate demand due to a reduction in business and consumer optimism
An increase in the rate of unemployment.
B. An increase in real GDP.
C. A higher rate of inflation.
A monopolist will maximize profits by:
A. producing at the point where price is equal to MR.
B. producing at the output level where marginal revenue equals average variable cost and charging a price along the demand curve that corresponds to the output rate.
C. producing at the output level where marginal revenue equals marginal cost and charging a price on the demand curve that corresponds to the output rate.
Which statement about renewable and non-renewable resources is most accurate
A. The price of a renewable resource is the present value of its expected next-period price.
B. Land is considered a renewable resource.
C. The known stock of a non-renewable resource must decrease as the resource is used.
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