What must be true in a perfectly competitive equilibrium?
a. the marginal product of labor is equal to the real wage for every unit of labor.
b. the marginal product of labor is equal to the money wage for the last unit of labor.
c. the marginal product of labor can be less than the real wage for some units of labor.
d. the marginal product of labor can be greater than the price level for some units of labor.
e. the marginal product of labor only has to be equal to the real wage for the last unit of labor.
C
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Roxie's Movie Theatre has a monopoly and discovers that at $12 a movie, no one is buying movie tickets during weekdays. Roxie's conducts a survey and the table above reveals the results of the survey
Roxie decides to price discriminate between weekend and weekday moviegoers. The marginal cost of a showing a movie is $6. Roxie's charges ________ on weekdays and ________ on weekends. A) $9; $12 B) $6; $15 C) $6; $18 D) $3; $12
If a price ceiling is not binding, then a. the equilibrium price is above the price ceiling
b. the equilibrium price is below the price ceiling. c. it cannot be legally enforced. d. None of the above is correct because all price ceilings must be binding.
The maximum contaminant level (MCL) for a drinking water contaminant
a. is not enforceable b. is set using benefit-cost analysis since the enactment of the 1996 SDWA amendments c. is solely benefit based like the maximum contaminant level goals (MCLGs) d. is set to maximize the total social benefits (TSB) of abating that contaminant
The mainstream view among economists is that
a. society faces a tradeoff between unemployment and inflation, but only in the short run. b. society faces a tradeoff between unemployment and inflation, but only in the long run. c. society faces a tradeoff between unemployment and inflation, both in the short run and in the long run. d. no tradeoff exists between unemployment and inflation, either in the short run or in the long run.