Assume You Unexpectedly Inherit $20,000

question 40

Multiple Choice

Assume you unexpectedly inherit $20,000.Which of the following fits the life-cycle or permanent-income theory of consumption?

• A)you buy yourself some blue chip stocks
• B)you pay back part of your student loan
• C)you spend $600 on a new laptop computer and use the rest to buy government bonds
• D)you deposit $1,000 in your checking account and $19,000 in your savings account
• E)all of the above

Apply the concept of marginal costs and marginal revenue to the decision-making process of profit-maximizing firms.

Explain the implications of monopolistic supply curves and their difference from competitive supply curves.

Evaluate the effects of cost changes on monopolistic pricing and output decisions.

Identify the profit-maximizing output level and price for monopolists from given data.

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