Refer to the given data. What will be the profit-maximizing wage rate?
Use the resource demand data shown on the left and the resource supply data on the right in answering the following question:
A. $6.
B. $5.
C. $4.
D. $3.
D. $3.
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Use the following graph for a monopolistically competitive firm to answer the next question.
In the short run, this monopolistically competitive firm will set price at
A. $65 and produce 35 units of output. B. $55 and produce 45 units of output. C. $50 and produce 35 units of output. D. $52 and produce 50 units of output.
Why might an oil cartel's effectiveness be undermined during a recession but strengthened during an economic boom?
What will be an ideal response?
In a second-price auction, the winner pays
A) the second-to-last bid it made. B) the average of the top two bids. C) the amount bid by the runner-up. D) None of the above.
When an Australian citizen enjoys military protection in Australia without contributing to the cost of Australia's defense budget, then
A) this citizen is a free rider. B) Australia is a free rider. C) this citizen receives no benefits if Australia is attacked. D) Australia's defense budget will run out of funds.