There is no need to allocate property rights in a market-based firm
Indicate whether the statement is true or false
False
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In the table above, the marginal product of the 5th worker is ________ units per week
A) 2 B) 5 C) 10 D) 19
Why might firms pay wages that are above the equilibrium wage in a market?
A) to reduce the unemployment rate B) to encourage workers to form labor unions C) to increase the productivity of their workers D) to reduce profit
Refer to above figure. Albania refused to engage in international trade for ideological reasons. To maximize its economic welfare it would choose to produce at which point in the diagram above? Suppose the PA/PB at point a was equal to 1
Given this information, in which good (A or B) does Albania enjoy a comparative advantage? Now that the Cold War is over, Albania is interested in obtaining economic welfare gains from trade. The relevant international relative price is PA/PB = 2. Albania would therefore choose to produce at which point (a, b, or c)? Given this additional information, in which good does Albania enjoy a comparative advantage?
When the supply of blueberries increases while the demand for blueberries also increases, the equilibrium ________ of blueberries will definitely ________, ceteris paribus.
A. price; increase B. price; decrease C. quantity; increase D. quantity; decrease