Monopoly results in a welfare loss because:
a. marginal revenue does not equal marginal cost
b. the monopolist restricts output below the socially efficient level.
c. average variable cost is not minimized.
d. total cost is not minimized.
b
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The marginal product of labor is the increase in total product from a
A) one unit increase in the quantity of labor, while holding the quantity of other inputs constant. B) one unit increase in the quantity of labor, while also increasing the quantity of other inputs by one unit. C) one dollar increase in the wage rate, while holding the price of other inputs constant. D) one percent increase in the wage rate, while also increasing the price of other inputs by one percent.
The demand curve faced by a monopolistically competitive firms is
A) horizontal. B) vertical. C) downward sloping. D) unitary elastic.
What kind of strike occurs when the members of a union local stop work without the consent of their national organization?
A. Sympathetic B. Limited C. Jurisdictional D. Wildcat
Which of the following statements is most correct?
A. All financial intermediaries are insurance companies. B. All banks are financial intermediaries, but not all financial intermediaries are banks. C. Financial intermediaries must be public corporations. D. Financial intermediaries are government agencies.