People produce more when they ___ ____ ____ ___ ____ ___ ____
Fill in the blank(s) with the appropriate word(s).
CN keep more of what they earned
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Why are economists sometimes skeptical about international labor standards?
a. They are difficult to enforce. b. They create more competition for U.S. workers. c. GATT does not allow labor standards. d. They may be used as a rationale to protect domestic activities that can no longer compete with imports.
If a firm is hiring variable resources D and F in imperfectly competitive input markets, it will maximize profits by employing D and F in such quantifies that:
A. MRP D /MRC D = MRP F /MRC F = 1. B. MRP D /MRC D = MRP F /MRC F . C. MRP D /P D = MRP F /P F = 1. D. MRP D /P D = MRP F /P F
A patent on a product gives a firm
A) protection from having the invention copied or stolen for a period of 20 years. B) economies of scale in producing the product. C) excessive profits in the long run. D) the power to impose a tariff on a competing product.
This chapter explains that a firm that engages in second-degree price discrimination charges the same consumer different prices for different units of a good. You are a monopolist with many identical customers
Each will buy either zero, one, or two units of the good you produce. A consumer is willing to pay $50 for the first unit of this good and $20 for the second. You produce this good at a constant average and marginal cost of $5 . For simplicity, assume that if a consumer is indifferent between buying and not buying that he will buy. a. If you could not engage in second-degree price discrimination, what price would you charge? How much profit per customer would you earn? b. Suppose you offer your customers what seems to be a very generous deal: "Buy one at the regular price of $50, and get 60 percent off on a second." How many units of this good will each customer buy? How much profit per customer will you earn?