Compared to the social optimum, a monopoly firm chooses ( )
A. a quantity that is too low and a price that is too high.
B. a quantity that is too high and a price that is too low.
C. a quantity and a price that are both too high.
D. a quantity and a price that are both too low.
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In an hour, David can wash 2 cars or mow 1 lawn, and Ron can wash 3 cars or mow 1 lawn. Who has the comparative advantage in car washing, and who has the comparative advantage in lawn mowing? ( )
A. David in washing, Ron in mowing.
B. Ron in washing, David in mowing.
C. David in washing, neither in mowing.
D. Ron in washing, neither in mowing.
When a monopolist switches from charging a single price to perfect price discrimination, it reduces ( )
A. the quantity produced.
B. the firm’s profit.
C. consumer surplus.
D. total surplus.
A change in which of the following will NOT shift the demand curve for hamburgers? ( )
A. the price of hot dogs
B. the price of hamburgers
C. the price of hamburger buns
D. the income of hamburger consumers
If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods? ( )
A. Prices and quantities both rise.
B. Prices and quantities both fall.
C. Prices rise, quantities fall.
D. Prices fall, quantities rise.
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