If the wage is below the marginal revenue product, then a profit-maximizing firm will
a. employ more workers
b. employ fewer workers
c. see an increase in its demand for labor
d. see an increase in its supply of labor
e. see a fall in its demand for labor
A
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The extra revenue produced by the change in quantity, on a per-unit basis, is called:
A. marginal benefit. B. marginal revenue. C. infra marginal units. D. both marginal benefit and marginal revenue.
Ceteris paribus, if African countries experience a drought and purchase food from the United States, the currencies of the African countries should
A. Depreciate, and the dollar should appreciate. B. Appreciate, and the dollar should depreciate. C. Depreciate, and the dollar should depreciate. D. Appreciate, and the dollar should appreciate.
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
Which antitrust act was passed to protect independent retailers from "unfair discrimination" by chain stores?
A) Federal Trade Commission Act B) Robinson-Patman Act C) Sherman Act D) Wheeler-Lea Act