Harold owns a cranberry bog in which he grows cranberries. Harold's farm is a competitive, profit-maximizing firm. As such, Harold much decide (i) how many cranberries to sell. (ii) what price to charge for his cranberries. (iii) what wages to pay his workers. (iv) how many workers to hire
a. (i) only
b. (ii) and (iii) only
c. (i) and (iv) only
d. (i), (ii), (iii), and (iv)
c
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Which of the following is an asset of a family?
A. Mortgage B. Student loan C. Share of stock D. Unpaid credit card balance
The percentage of people employed aged 16 years and older divided by the working-age population is known as the
A) employment rate. B) employment-to-population ratio. C) labor force participation rate. D) working-age population ratio.
Schumpeter hypothesized that monopolies
a. do not maximize profits b. advertise extensively to keep out new entrants c. may charge a lower price than the price generated in a perfectly competitive market d. usually experience constant returns to scale e. have higher costs than smaller firms
The maximum price that a buyer would be willing to pay for a good or service is also called:
A. the buyer-max price. B. the reservation price. C. the opportunity cost. D. the reserved max price.