Being a first mover means:
A) Being the first firm to offer a product in a particular market.
B) Being successful.
C) Asking for failure.
D) Nothing unless the firm continues to be the first mover.
E) That there is never a benefit to not being the first mover.
A
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Job rationing occurs if
A) the Lucas wedge is positive. B) the minimum wage is set below the equilibrium wage rate. C) an efficiency wage is set below the equilibrium wage rate. D) the real wage rate is pushed above the equilibrium wage rate. E) a union wage is set below the equilibrium wage rate.
Refer to the figure above. What is the total cost of the firm when it produces the profit-maximizing level of output?
A) $60 B) $120 C) $180 D) $240
The Leontief paradox can be summarized as the finding that U.S. exports tend to come from capital-intensive industries, while U.S. imports are produced using relatively labor-intensive techniques
Indicate whether the statement is true or false
Suppose there is only one gas station within hundreds of miles. The owner finds that when she charges $3 a gallon, she sells 199 gallons a day, and when she charges $2.99 a gallon, she sells 200 gallons a day. The owner, obviously, is ________ and the marginal revenue of the 200th gallon of gas is __________
a. a perfect competitor (because all gas stations are perfect substitutes); $.01 b. a monopolist; $1 c. a monopolist; $2.99 d. in monopolistic competition (because gas is perceived as a differentiated product); $3 e. in monopolistic competition (because gas is perceived as a differentiated product); $600