Refer to the above figure. Suppose the government imposes a minimum wage rate of $20.00 per hour. This will likely result in
A. a shortage of labor.
B. an equilibrium in the labor market.
C. an increase in the demand for labor.
D. a surplus of labor.
Answer: D
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Suppose that a monopoly is currently producing the quantity at which marginal revenue is less than marginal cost. The monopoly can increase its profit by
A) shutting down. B) lowering its price and increasing its output. C) raising its price and decreasing its output. D) lowering its price and decreasing its output. E) not changing its price and increasing its output.
Marginal profit is positive at all positive output levels.
Answer the following statement true (T) or false (F)
What is a patent?
What will be an ideal response?
Refer to the below table and information. What is the firm's total labor costs if it hires 6 workers?
In the table below, a monopsonist has the marginal-revenue-product schedule for labor given in columns 1 and 2, and the supply schedule for labor is given by columns 1 and 3.
A. $33
B. $48
C. $65
D. $84