Refer to the figure above. If the government fixes a minimum wage rate at $25, the unemployment in the market will be:
A) 10 units of labor. B) 20 units of labor. C) 30 units of labor. D) 0 unit of labor.
D
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If the demand for its product is elastic, a monopoly's
A) total revenue is unchanged when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is positive. D) marginal revenue is zero.
In the above figure, if income is $8, the initial price of a soft drink is $1, and the initial price of a milkshake is $2, a decrease in the price of a milkshake to $1 will move the consumer from point ________ to point ________
A) a; b B) b; c C) a; d D) a; c
By comparing the value of marginal product with the marginal cost per input, a firm can find the:
A. cost-maximizing quantity to hire. B. revenue-maximizing quantity to hire. C. output-maximizing quantity to hire. D. profit-maximizing quantity to hire.
If land is not in demand, its rent will be _________.
Fill in the blank(s) with the appropriate word(s).