The above figure shows the market demand curve for long-distance telephone calls
Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry. If the firms in the industry operate as perfect competitors, there are ________ minutes of calls made per hour. A) between 0 and 3 million
B) more than 3 million and less than or equal to 5 million
C) more than 5 million and less than or equal to 7 million
D) more than 7 million and less than or equal to 9 million
E) more than 9 million
D
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Refer to the table above. If the rental price of machines is $40 per day, up to how many machines should the firm rent to maximize profits?
A) 2 B) 4 C) 6 D) 7
Which of the following can be classified as a regressive tax?
a. Federal corporate income tax. b. Federal personal income tax. c. Federal gasoline tax. d. All of these.
When the supply of labor increases, according to the specificfactors model, which of the following is likely to happen in the sending country?
a. The number of workers employed will decrease. b. The wages for workers will rise. c. The marginal product of labor shifts to the right. d. All of these are likely to happen in the sending country.
Which of the following will cause a shift in the demand curve of labor?
A. a decline in the price of a complementary input B. an increase or decrease in the productivity of labor C. an increase or decrease in the demand for the product labor produces D. all of these