Refer to the graph below. At its equilibrium level of output, this monopolist earns:
A. Positive economic profits
B. Negative economic profits
C. Zero economic profits
D. Zero revenues
A. Positive economic profits
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In order for a labor supply curve to be backward bending at high wages
A) workers must have an irrational response to wage increases. B) leisure must be an inferior good. C) the substitution effect of a wage increase must be greater than the income effect. D) the income effect of a wage increase must be greater than the substitution effect.
In the United States, which of the following is an example of a government-sponsored good?
A) wireless networks B) concerts C) cigarettes D) marijuana
In the above figure, which wage rate will maximize union members' income?
A) W1 B) W2 C) W3 D) W3 - W1
Income is to wealth as
a. hours are to minutes b. inches are to feet c. periods are to sentences d. demand is to quantity demanded e. learning is to knowledge