Answer the next question(s) based on the data contained in the following table.Units of LaborTotal ProductProduct Price00$2.201152.002281.803391.604481.405551.206601.10Assume that the firm is hiring labor in a purely competitive market. If the wage rate is $11, how many workers will the firm choose to employ?
A. 5
B. 4
C. 3
D. 2
Answer: B
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Refer to Table 1-1. What is Lydia's marginal benefit if she decides to stay open for an extra two hours instead of one hour?
A) $25 B) $50 C) $75 D) $125
A market structure in which only one firm has survived because of its economies of scale is called a
A. natural monopoly. B. planned monopoly. C. structural monopoly. D. free monopoly.
The ______________ level of production occurs when the externality is fully internalized and can be _____________ over time as we develop better pollution control technologies.
a. minimum; increased b. minimum; reduced c. optimal; increased d. optimal; reduced e. market; reduced
At the optimal production point, the firm in Figure 10.3 will:
A. make a zero economic profit. B. suffer a loss. C. make a positive economic profit. D. break even.