The perfect competitor's demand and marginal revenue curves ______ identical; the monopolist's demand and marginal revenue curves _______ identical.
Fill in the blank(s) with the appropriate word(s).
are; are not
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A minimum wage rate that is set ________ the equilibrium real wage rate creates a ________ of labor
A) below; surplus B) below; shortage C) above; surplus D) above; shortage E) equal to; shortage
In order to be able to consume more in the future, you have to consume
A) less today and save the difference. B) more today to increase supply. C) more consumer goods. D) fewer capital goods.
If Hispanics are paid less than their marginal product, then
a. cooperation among firms can perpetuate this wage discrimination. b. employers can engage in discrimination at zero cost. c. nondiscriminating firms will hire more Hispanics. d. whites will be paid compensating differentials.
Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart, and together they are the only two gas stations in town. Currently, they both charge $3 per gallon, and each earns a profit of $1,000. If Joe cuts his price to $2.90 and Sam continues to charge $3, then Joe's profit will be $1,350, and Sam's profit will be $500. Similarly, if Sam cuts his price to $2.90 and Joe continues to charge $3, then Sam's profit will be $1,350, and Joe's profit will be $500. If Sam and Joe both cut their price to $2.90, then they will each earn a profit of $900.For Joe, keeping his price at $3 per gallon is a:
A. profit-maximizing strategy. B. dominant strategy. C. revenue-maximizing strategy. D. dominated strategy.