In Exhibit 10-5, at what wage rate will the firms stop hiring these workers?
A. $25.00.
B. $20.00.
C. $15.00.
D. $10.00.
Answer: C
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In constructing the monopolist's input demand curve, which of the statements is FALSE?
A) The demand curve has a negative slope due to the law of diminishing marginal product. B) Marginal revenue is always positive. C) A monopoly restricts output and hires fewer units of labor than a perfectly competitive firm. D) The supply curve a monopoly faces is horizontal because the monopoly is a price taker.
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $4 and corn feed is on the horizontal axis, and the price of soybean feed is $5 and soybean feed lies on the vertical axis, what is expansion path?
a. C =5S/2 b. S =2C/5 c. the horizontal axis d. the vertical axis
_________ transfers, which are included in the trade balance, are payments made by government, private charities, or individuals in which money is sent abroad without any direct good or service being received.
a. Lateral b. Bilateral c. Unilateral d. Non-lateral
Which of the following is an example of a variable cost for a bakery?
a. monthly mortgage payment for the building b. monthly loan payment for ovens c. fire insurance payments d. flour and other ingredients for baking e. property taxes