A consumer's ________________ line or constraint shows various combinations of two products that can be purchased with a specific amount of income.
Fill in the blank(s) with the appropriate word(s).
budget
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One reason that firms hire labor at the point where w = MPN is
A) if w < MPN, the cost (w) of hiring additional workers exceeds the benefits (MPN) of hiring them, so they should hire fewer workers. B) if w > MPN, the cost (w) of hiring additional workers is less than the benefits (MPN) of hiring them, so they should hire more workers. C) if w < MPN, the cost (w) of hiring additional workers equals the benefits (MPN) of hiring them, so they have the right number of workers. D) if w > MPN, the cost (w) of hiring additional workers exceeds the benefits (MPN) of hiring them, so they should hire fewer workers.
Refer to the graph shown. If regulators wanted this monopolist to earn only a normal profit, they would set price equal to:
A. $3. B. $12.00. C. $2. D. $8.
(a) Fill in table. (b) Using your own piece of graph paper, draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves. (c) Calculate the firm's total profit. (d) If the firm operates at optimum efficiency, how much will its output be? (e) If the firm were a perfect competitor, how much will its price be in the long run?
Expansionary policies are government policies that:
A. increase aggregate supply. B. decrease aggregate supply. C. decrease aggregate demand. D. increase aggregate demand.