A competitive producer supplies an additional unit of a good as long as the price is greater than the average per unit cost.
Answer the following statement true (T) or false (F)
False
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Refer to Table 15-3. If Comcast wants to maximize its profits, what price (P) should it charge and how many cable subscriptions per month (Q) should it sell?
A) P = $12; Q = 8 B) P = $16; Q = 4 C) P = $14; Q = 6 D) P = $15: Q = 5
In the same city, one job currently pays $6 more per hour than another job. The two jobs have equivalent training requirements, but labor is not migrating toward the higher-paying occupation. Both markets are perfectly competitive. Which of the following conclusions is correct?
a. The lower-paying occupation has less attractive nonmonetary characteristics. b. There are barriers to entry into the higher-paying occupation. c. The higher-paying occupation has a dominant labor union. d. There are barriers to entry into the lower-paying occupation. e. The higher-paying occupation has less attractive nonmonetary characteristics.
When a few firms sell similar products in a market, the market structure is most likely to be:
A. a perfectly competitive market. B. a monopoly. C. a monopolistically competitive market. D. an oligopoly.
If the expected inflation rate is unchanged, a fall in the natural rate of unemployment would
A. shift the short-run Phillips curve to the left. B. not shift the short-run Phillips curve. C. shift the short-run Phillips curve to the right. D. shift the short-run Phillips curve to the left and shift the long-run Phillips curve to the right.