The demand for a monopoly's output is p = 50 - Q. The monopoly's marginal cost is $4 and the market wage is $2. How many units of labor are demanded by the monopoly?
A) L = 46
B) L = 23
C) L = 0
D) L = 10
A
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If Al has an absolute advantage over Beth in preparing meals, then:
A. Al can prepare more meals in a given time period than Beth. B. the problem of scarcity applies to Beth but not to Al. C. it takes Al more time to prepare a meal than Beth. D. Al's opportunity cost of preparing a meal is lower than is Beth's.
Taylor has the following assets and liabilities:Two cars$15,000House$400,000Mortgage$300,000Cash$1,000Car loans$5,000Checking account balance$3,000Credit card balance$3,000What is the value of Taylor's assets?
A. $416,000 B. $308,000 C. $422,000 D. $419,000
Refer to Figure 2-14. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
A) Greenland B) They have the same advantage. C) Iceland D) cannot be determined Table 2-20 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand.
A Nash equilibrium with a noncredible threat as a component is:
A. not a perfect equilibrium. B. a somewhat perfect equilibrium. C. a sequential equilibrium. D. a perfect equilibrium.