In the socialist controversy
a. Marx demonstrated the superiority of capitalism
b. Marx demonstrated the superiority of socialism
c. Keynes showed that capitalism was unstable
d. Hayek and Mises argued that socialism would be inefficient
e. Kornai talked about soft budgets
D
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Average physical product measures the increase in total output that results from a one-unit increase in an input.
Answer the following statement true (T) or false (F)
Figure 11-6
The industry described in Figure 11-6
A. is not a natural monopoly because no firm would produce in the long run unless the government intervened in the market. B. is not a natural monopoly because the average total cost curve is U shaped. C. is a natural monopoly because the economic profit is positive for a monopolist if the government doesn’t intervene. D. is a natural monopoly because price is less than average total cost at the output that would be produced by the industry under perfect competition.
Which of the following refers to the process by which unions negotiate their wages and benefits?
a. collective bargaining b. efficiency wage modelling c. minimum wage setting d. wage-rate determination
Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner, player salaries during the course of the season are then
A) variable costs. B) marginal costs. C) fixed costs. D) average costs.