If the inverse demand function for a monopoly's product is p = a - bQ, then the firm's marginal revenue function is
A) a.
B) a - (1/2)bQ.
C) a - bQ.
D) a - 2bQ.
D
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The primary purpose of labor unions is to
A) ensure that workers receive adequate safety training. B) negotiate with employers about wages and working conditions. C) endorse candidates and donate money to them. D) ensure that all members earn identical incomes.
Empirical evidence strongly supports the view that unemployment insurance ________
A) decreases unemployment B) has little effect on employment C) increases unemployment D) has little effect on unemployment
The market demand for MP3 players is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell an MP3 player is $12. If he receives 60% of the MP3 sales revenue, then
A) Nick will sell 38 MP3 players. B) Nick will sell 50 MP3 players. C) Nick will receive $270 as profit. D) total profit is $342.
The expansion path sloping __________ means as the firm expands each input is used more and more.
Fill in the blank(s) with the appropriate word(s).