The long run outcome of the monopolistically competitive firm:
A. occurs where price equals marginal cost.
B. maximizes total surplus.
C. creates welfare loss.
D. does not maximize profits.
A. occurs where price equals marginal cost.
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Specialization and trade
A) does not benefit anyone. B) allows nations to produce inside their individual production possibilities frontier. C) allows nations to consume combinations of products that are outside their individual production possibilities frontier. D) shifts the production possibilities frontier inward. E) shifts the production possibilities frontier outward.
If a firm had a fixed proportions technology, then the pollution produced by this firm
A) cannot be reduced. B) can be reduced only by lowering the level of output (holding technology constant). C) can be reduced by changing how the output is produced within the bounds of the existing technology. D) can be reduced only by increasing the number of firms in the industry. E) can be reduced only by changing the technology.
If Pastry Paradise takes over Sweet Tooth, at what level of production would it be indifferent between which technology is used
a. 500 b. 750 c. 250 d. 125
Refer to the information provided in Table 30.1 below to answer the question(s) that follow.
Table 30.1
Refer to Table 30.1. What is the real wage rate in 2014 using 2016 as the base year?
A. $6.00 B. $6.84 C. $11.40 D. $13.30