In the long run,
a. monopolies will not incur economic losses
b. the demand curve facing the firm is horizontal under monopoly
c. economic profit and loss determines entry and exit into monopoly markets
d. competition always destroys monopoly
e. government always regulates monopoly
A
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There are two employers in Bucolic that hire people who do not have a high school degree: a grocery store and a hardware store. The grocery store pays $10 per hour and the hardware store pays $12 per hour. People who work at either store can work as many hours as they want at those wages. Assume that it takes two hours to interview for a job. Lee works at the grocery store, but would like to work at the hardware store. If Lee interviews at the hardware store, there is a 10 percent probability of being hired. Assume that Lee is risk-neutral. How many hours must Lee anticipate working at the hardware store to justify interviewing for the job?
A. 60 hours B. 100 hours C. 1 hour D. 10 hours
Under the Bretton Woods Agreement, the goal of the IMF was to
A) finance international transactions in gold. B) lend to countries experiencing balance of payment deficits. C) help less developed countries advertise their goods in the developed countries. D) provide oversight to the functioning of central banks in the member countries.
The figure above shows the market supply and market demand curves for pizza. If the market is at its equilibrium, what area in the graph above represents:
a) consumer surplus? b) producer surplus?
If the marginal product of labor rises, the marginal cost of output
a. rises b. falls c. remains constant d. rises and then falls e. dampens