Refer to the diagrams. The firm:
A. is a monopsonist in the hiring of labor.
B. must be selling its product in an imperfectly competitive market.
C. is a "wage taker"
D. must pay a higher marginal resource cost for each successive worker.
C. is a "wage taker"
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There is only one gas station within hundreds of miles. The owner finds that when she charges $3 a gallon, she sells 199 gallons a day, and when she charges $2.99 a gallon, she sells 200 gallons a day. The marginal revenue of the 200th gallon of gas is:
a. $.01. b. $1. c. $2.99. d. $3. e. $600.
When a firm's profit maximizing sales level is positive, its marginal revenue is ______ its marginal cost at that quantity.
A. greater than B. less than C. equal to D. less than or equal to
Reciprocity between two countries implies that
a. neither will trade with the other b. trade flows freely across the two countries' borders c. trade can only be beneficial to one of the countries d. each agree not to trade with any other countries e. you do unto others as they do unto you
Which of the following shifts aggregate demand right?
a. both a decrease in the price level and the implementation of an investment tax credit b. a decrease in the price level but not the implementation of an investment tax credit c. the implementation of an investment tax credit but not a decrease in the price level d. neither a decrease in the price level nor the implementation of an investment tax credit