If a firm sells its product in a monopolistic market, even though the firm operates in a perfectly competitive labor market, the firm will employ workers up to the point where
A) TR = TC.
B) the MRP = the wage rate.
C) the MRP = the marginal physical product of labor.
D) the MRP = the output price.
B
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Any bank reserves over and above the level of required reserves are known as
a. federal funds. b. discounted reserves. c. excess reserves. d. surplus reserves.
An entrepreneur is a person who
A. organizes and manages a firm. B. assumes the risk of a firm. C. turns a new idea or product into a business. D. all of the above
What happens to the budget constraint of the recipient when he receives the $100 cash under Plan A? What is likely to happen to his consumption of both food and "all other goods" if they are both normal goods?
What will be an ideal response?
Which of the following is likely among the most concentrated industries in the United States?
A) printing and publishing B) soft drinks C) tobacco products D) household vacuum cleaners