Lorna's Lumberyard is a monopsony. Lorna estimates that at a wage of $10, 100 workers would be willing to work for her. Similarly, at a wage of $12, 200 workers would be willing to work. Her marginal factor cost is:
a. $10.
b. $14.
c. $120.
d. $140.
e. $240.
b
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Many people believe that pure monopolies charge any price they want to without affecting sales. Instead, the output level for a profit-maximizing pure monopoly occurs where ________.
A. marginal cost equals average revenue B. average total cost equals average revenue C. marginal revenue equals average cost D. marginal revenue equals marginal cost
Which of the following terms describes how a good is produced in stages?
a. supply chain b. value chain c. supply trade d. value trade
In Table 10.1, what is the number of unemployed in Year 1?
A. 15 million. B. 75 million. C. 90 million. D. 105 million.
When a person acts as expected as part of the group they are portraying their
a. role b. groupthink c. norm d. status rank