Refer to Scenario 17.1. The highest level of y* that can be set and still have the high-productivity people choose to meet it is
A) 16.
B) 13 1/3.
C) 13.
D) 8.
E) 0.
B
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A perfectly competitive firm can be identified by the fact that
A. its average revenue equals its marginal revenue. B. it experiences diminishing marginal returns. C. it is making only accounting profits in the short run. D. there are other firms in the industry producing similar products.
If the Federal Reserve purchases newly issued government bonds, the government is said to be
A) borrowing from the public. B) monetizing the deficit. C) borrowing from itself. D) fiscalizing the deficit.
The government imposes a sales tax on hot dogs. The tax would be paid entirely by hot dog sellers if the
A) supply is perfectly elastic. B) supply is perfectly inelastic. C) demand is perfectly inelastic. D) none of the above.
If a decrease in price decreases a monopolist's total revenue, then
A) demand is elastic. B) demand is inelastic. C) demand is unit elastic. D) the law of demand is violated.