Suppose a monopoly firm produces a medical device and can sell 15 items per month at a price of $2,000 each. In order to increase sales by one item per month, the monopolist lowers the price of its medical device by $100 to $1,900. The marginal revenue of the 16th item is: (Enter your answer as a numerical value without any dollar sign).

Which firm has the highest level of external costs?   Firm A Firm B Firm C Firm D External Costs 0   175   Social Costs 400 250 175 200 Private Costs   350   250

Which of the following best describes the idea of a political business cycle that occurs as one of the practical problems of fiscal policy?

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A pollution charge gives a profit-maximizing firm an incentive to figure out ways to reduce its emissions as long as the marginal cost of reducing the emissions is more than the tax.

If the on-campus demand for soda is as follows: Price (per can) $0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 Quantity demanded (per day) 100 90 80 70 60 50 40 30 and marginal cost of supplying soda is 50 cents, what price will students end up paying in: A perfectly competitive market? (Enter your answer as a numeric value)

True or False.  A perfectly competitive market is efficient from an economic viewpoint.

True or False.  One of the limitations of GDP is that is does not include levels of environmental cleanliness.

Who demand goods & services in the product market?

If the on-campus demand for soda is as follows: Price (per can) $0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 Quantity demanded (per day) 100 90 80 70 60 50 40 30 and marginal cost of supplying soda is 50 cents, what price will students end up paying in: A perfectly competitive market? (Enter your answer as a numeric value)