Which of the following indicates the number of workers who are willing to work but are unemployed at the optimal union wage rate in Figure 31.1?
A. 22.
B. Zero.
C. 14.
D. 6.
Answer: C
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If a 1 percent decrease in the price of a pound of oranges results in a smaller percentage decrease in the quantity supplied
A) demand is elastic. B) demand is inelastic. C) supply is elastic. D) supply is inelastic.
If a cartel is unable to monitor its members and punish those firms that violate the agreement, then
A) the member firms will each act as price setters. B) the cartel will prosper in the long run. C) the market will become a monopoly. D) the cartel will fail.
The primary reason why individuals are willing to pay entrepreneurs to organize production is
a. that they have to guarantee that the entrepreneur will make a profit b. they avoid taxation when activities are organized by someone else c. that it is better for businesses to pay taxes than individuals d. that it reduces transaction costs e. that entrepreneurs are more vulnerable in the case of the owner
An employer would never operate on the upward-sloping part of an MRP curve because
A. he or she would not be maximizing profits. B. he or she would be hiring workers at wages above MRP. C. the number of workers is too large to get economies of scale. D. he or she would then have too little capital per worker.