If the MRP of labor were $100 and the wage rate were $200,
A. exactly the right amount of labor is being used.
B. not enough labor is being used.
C. only half as much labor is being used as should used.
D. too much labor is being used.
D. too much labor is being used.
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In the above figure, the output of an oligopoly will range between
A) 0 and Q1. B) Q1 and Q2. C) Q1 and Q3. D) Q2 and Q3. E) 0 and Q2.
Suppose an American worker can make 100 chairs or catch 1,000 fish per day. A Chilean worker, on the other hand, can produce 40 chairs or catch 400 fish per day. Which of the following statements is true?
A. The United States has the comparative advantage in chair production. B. Chile has the comparative advantage in chair production. C. Both the United States and Chile have a comparative advantage in chair production. D. Neither the United States nor Chile has a comparative advantage in chair production.
If it is discovered that using drugs enhances a person's chance of contracting a lethal disease, the cost of using drugs
A) increases. B) decreases. C) is not affected. D) is irrelevant, since they are illegal anyway.
What are four characteristics of pure competition?
What will be an ideal response?