Declining cost industries
a. have upward rising AC curves.
b. have upward rising demand curves.
c. have ?-shaped total costs.
d. have diseconomies of scale.
e. have marginal cost curves below their average cost curve.
e
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Suppose there are 11 buyers and 11 sellers, each willing to buy or sell one unit of a good, with values {$14, $13, $12, $11, $10, $9, $8, $7, $6, $5, $4,}. Assume no transaction costs and a competitive market. At the optimal bid, ask spread, what is the total profit that the market maker makes?
a. $8 b. $12 c. $18 d. $20
According to surveys by the Medical Group Management Association, the average primary care physician earned approximately _______ in 2010
a. $125,000. b. $150,000. c. $185,000 d. $200,000 e. $225,000.
What effect do unions have on the labor market?
a. higher wages and fewer workers b. higher wages and more workers c. lower wages and fewer workers d. lower wages and more workers
The natural rate of unemployment occurs if there is no:
A. unemployment. B. frictional unemployment. C. structural unemployment. D. cyclical unemployment.