The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the profit maximizing number of coal miners for the coal mine to hire?
A. 100
B. 150
C. 50
D. 233.33
A. 100
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Under what circumstances would having multiple firms in a market result in higher prices for all customers?
A. Perfect competition B. Natural monopoly C. Price Discrimination D. Patented products
(Consider This) Newspaper dispensing devices seemingly "trust" people to take only a single paper, but the devices actually rely on the law of:
A. supply. B. increasing opportunity costs. C. demand. D. diminishing marginal utility.
What is meant by allocative efficiency? How does a perfectly competitive firm achieve allocative efficiency?
What will be an ideal response?
The quantity of iPads that people plan to buy this month depends on all of the following EXCEPT the
A) price of a rival's tablet. B) price of an iPad. C) the technology used to produce an iPad. D) price of apps.