Question 1
When the demand curve is a downward sloping straight line, the quantity at which the marginal revenue curve intersects the horizontal (quantity) axis is ________ the quantity at which the demand curve intersects the horizontal (quantity) axis.
◦ equal to
◦ half
◦ twice
◦ four times
Question 2
The Smiling Lizard Company has a monopoly in the sale of iguanas in Florida. When the Smiling Lizard Company sells ten iguanas its marginal revenue is $50. When the Smiling lizard Company sells eleven iguanas its marginal revenue will be
◦ less than $50.
◦ greater than $50.
◦ equal to $50.
◦ greater than $50 if demand is elastic and less than $50 if demand is inelastic.
Alligator nest and young in Florida
Morris and Company, Sussex Rush-Seated Chairs.
A company that makes environmental measuring devices has calculated their revenue and costs as ...