Figure 8.8 shows demand, marginal revenue, and costs of an individual duopolist. If the two duopolists have the same costs and split the market equally, each profit-maximizing duopolist will produce and sell a quantity of ________.
A. 1,000 units
B. 500 units
C. 250 units
D. 125 units
Answer: C
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The size of the labor force is
A) equal to the size of the population. B) equal to the working-age population. C) less than the number of employed workers if the number of unemployed workers is small enough. D) less than the number of unemployed workers if the number of employed workers is small enough. E) greater than the number of employed workers as long as there are some unemployed workers.
If the costs of production increase, there is
A) a decrease in aggregate supply and the AS curve shifts rightward. B) a decrease in the quantity of real GDP supplied and a movement down along the AS curve. C) a decrease in aggregate supply and the AS curve shifts leftward. D) an increase in the quantity of real GDP supplied and a movement up along the AS curve. E) an increase in aggregate supply and the AS curve shifts rightward.
The above figure shows the costs at Barney's Bagel Bakery. For which of the following levels of output does the average product of labor exceed the marginal product of labor?
A) at 1000 bagels daily B) at 2000 bagels daily C) at 3000 bagels daily D) all of the above
Our balance of trade in services is _______ and our balance of trade in goods is ______.
A. negative; negative B. positive; positive C. positive; negative D. negative; positive