When a firm competes in a competitive market with some market power, the profit maximizing level of employment occurs where?
a. MRP=MRC
b. ATC=ATR
c. VC=FC
d. there is no optimal level of employment
a
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In the above figure, an unattainable point is
A) a. B) e. C) g. D) f.
Assume weak growth in aggregate demand keeps the economy below potential GDP, so unemployment rises but inflation falls. This explains the ________ slope of the short-run Phillips curve
A) infinite B) positive C) negative D) zero
Find the equation that represents the negative consumption externality in this case.
The market for a chemical pesticide can be modeled as given below, where Q is measured in thousands of pounds: MSB = 20 – 0.4Q MPB = 20 – 0.3Q MSC = MPC = 12 + 0.1Q
Suppose the total revenue curve is derived from a particular linear demand curve. That demand curve must be:
A. inelastic for price declines that increase quantity demanded from 2 units to 3 units.
B. elastic for price declines that increase quantity demanded from 5 units to 6 units.
C. inelastic for price increases that reduce quantity demanded from 4 units to 3 units.
D. elastic for price increases that reduce quantity demanded from 4 units to 3 units.