In a monopsonistic labor market, workers are paid a wage:
a. below their MRP.
b. equal to the intersection of MRP and S.
c. equal to the MFC.
d. equal to the price of the output.
e. above their MFC.
a
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If the game is played for 10 years, the Nash equilibrium will be
a. Low, Low b. Low, High c. High, Low d. High, High
Which of the following is a short-run adjustment?
A. Three new firms enter the computer chip industry. B. A firm hires six new workers. C. The number of farms in Kansas increases by 10%. D. A firm opens two new plants.
Public goods are
A. provided only by the capitalistic system. B. any goods or services produced by the government. C. provided to additional users at no additional cost. D. provided only by the communist system.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country A would be using resources efficiently if it produced:
A. (500 iPods, 150 tablets). B. (500 iPods, 250 tablets). C. (500 iPods, 200 tablets). D. (500 iPods, 100 tablets).