Perfect competition describes a firm's behavior in a market model where:
a. there are few firms producing identical products.
b. there are few firms producing highly differentiated products.
c. there are many firms producing identical products.
d. there are many firms producing highly differentiated products.
e. there are barriers to entry and exit for the new firms.
c
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By 1920, the average work week in manufacturing was about _______hours, although it was significantly lower for _________
a. 40; immigrants b. 50; skilled workers c. 60; unskilled workers d. 45; women
Looking at their ratio of debt to GDP, which following five countries should be expected to face serious economic trouble in the future?
a. Fredonia: 40 percent b. Syldavia: 70 percent c. Borduria: 120 percent d. Ruritania: 20 percent e. Dystopia: 100 percent.
Prices that maximize the public interest will always allow reasonable profits for firms
a. True b. False Indicate whether the statement is true or false
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10 . The marginal product of the seventh unit of labor is 4 . Given this information, what is the marginal cost of production when the firm hires the 7th
worker? a. $1.50 b. $2.50 c. $5 d. $10