If firms have to spend money on creating and protecting their monopoly power, they're going to buy:
A. no monopoly power.
B. more monopoly power than if it were free.
C. less monopoly power than if it were free.
D. the same monopoly power as if it were free.
Answer: C
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A. lowers; raises B. raises; does not change C. raises; raises D. raises; lowers
An event that allows the economy to operate more efficiently by producing more outputs without using any more inputs is referred to as:
A. absolute progress. B. efficiency progress. C. capital investment. D. technological progress.
The equilibrium wage rate in an industry is found by
A) the intersection of the market demand curve for labor and the marginal revenue product curve of labor. B) the intersection of the firm's demand curve for labor and the firm's supply curve of labor. C) the intersection of the market demand curve for labor and the market supply curve of labor. D) negotiations between the union leadership and the managers of the firms.
The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713Marginal utility becomes negative with the consumption of the
A. sixth candy bar. B. seventh candy bar. C. fifth candy bar. D. second candy bar.