Refer to the table below. What is the equilibrium price and quantity in this market?
The following table gives data for the market for a product.
A. $6 and 60, respectively
B. $5 and 30, respectively
C. $3 and 30, respectively
D. $30 and 3, respectively
C. $3 and 30, respectively
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If the supply of labor to a monopsonist is everywhere unit elastic, then the wage will equal
A) the marginal expenditure. B) one-half of the marginal expenditure. C) the marginal revenue product of labor. D) one.
Refer to Scenario 10.6. If red rubber balls can be produced at any of the three plants, what is the marginal cost of 5th red rubber ball?
A) 4 B) 5 C) 8 D) 20 E) none of the above
A production possibilities curve will shift outward or to the right for all of the following reasons EXCEPT
A) an increase in the unemployment rate. B) an increase in the quality of the labor force. C) an improvement in production technology. D) a discovery of a new source of renewable energy.
A perfectly competitive firm's short-run break-even output occurs
A) at the minimum point of its average variable cost curve. B) at the minimum point of its average total cost curve. C) at the minimum point of its marginal cost curve. D) at the intersection of its total cost curve and its marginal revenue curve.