The destruction of manufacturing jobs and workers leaving their jobs to find better ones both contribute to frictional unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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The larger the number of firms in an industry
A) the more intense the rivalry among firms. B) the larger the potential number of market segments. C) the easier it is to implicitly collude to fix prices. D) the greater the need for a price enforcement mechanism.
If you know that with 8 units of output, average fixed cost is $40 and average variable cost is $25, then total cost at this output level is:
a. $320 b. $200 c. $520 d. $1000
If each player responds by imitating the action of his opponent in the previous round of a repeating game, the players are following a:
A. repeated cooperation agreement. B. collusion plan. C. commitment strategy. D. tit-for-tat strategy.
Output for a simple production process is given by Q = 2KL, where K denotes capital, and L denotes labor. The price of capital is $25 per unit and capital is fixed at 8 units in the short run. The price of labor is $5 per unit. What is the total cost of producing 80 units of output?
A. $233 B. $525 C. $200 D. $225