A decrease in the wage rate would lead to a movement
A. down the MRP curve and an increase in the number of workers hired.
B. down the MRP curve and a decline in the number of workers hired.
C. up the MRP curve and a decline in the number of workers hired.
D. up the MRP curve and a rise in the number of workers hired.
A. down the MRP curve and an increase in the number of workers hired.
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If this is a closed economy, what will the price of a bike be?
A. $40 B. $100 C. $20 D. $140
In a competitive market, if buyers did not know all the prices charged by the many firms,
A) all firms still face horizontal demand curves. B) firms sell a differentiated product. C) demand curves can be downward sloping for some or all firms. D) the number of firms will most likely decrease.
Which of the following is true for the monopolist?
a. Marginal revenue is less than the price charged. b. Economic profit is possible in the long-run. c. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost. d. All of the above. e. None of the above.
?Wind ChimesSun DialsDeena912Artie68 Table 3.4Consider two individuals, Artie and Deena, who produce wind chimes and sun dials. Artie's and Deena's weekly productivity are shown in Table 3.4. Which of the following is true?
A. Deena has an absolute advantage in producing both goods, and a comparative advantage in producing wind chimes. B. Deena has an absolute advantage in producing both goods, and a comparative advantage in producing sun dials. C. Deena has an absolute and a comparative advantage in producing both goods. D. Deena has an absolute advantage in producing both goods, but no one has a comparative advantage in producing either good.