If the labor market is competitive, a monopoly output market will result in
A) a lower wage than that of a competitive output market.
B) a higher wage than that of a competitive output market.
C) less labor hired than in a competitive output market.
D) more labor hired than in a competitive output market.
C
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Multinational businesses produce and sell goods around the world.
Answer the following statement true (T) or false (F)
A (very, very small) country produces milk and shirts and its production possibilities frontier is in the table above
a. The nation is currently producing at point B. What is the opportunity cost of two additional gallons of milk? At point C? At point D? What do your results show? b. Suppose the nation is initially producing 4 gallons of milk and 40 shirts. What is the opportunity cost of 2 additional gallons of milk? Explain your answer.
Which of the following is TRUE regarding marginal benefit? I) The marginal benefit curve shows the benefit firms receive by producing another unit of a good. II) Marginal benefit increases as more of a good is consumed
A) I and II B) I only C) II only D) neither I nor II
Patents, tariffs, and quotas are all examples of
A) entry barriers that protect consumers. B) entry barriers that improve a country's standard of living. C) government-imposed barriers. D) economic regulations that increase efficiency.