Refer to the above table. How many worker will this firm hire if the weekly wage rate is $1350?
A. 27
B. 28
C. 26
D. 25
Answer: D
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A single-price monopolist
A) sets its price where its demand is inelastic. B) can always increase its profits by increasing its price. C) has its marginal revenue less than its price. D) is guaranteed an economic profit.
When an economic event causes demand or supply to shift, prices and quantities set off in the general direction of:
a. equilibrium. b. disequilibrium. c. stabilization. d. maximization.
If unskilled labor is relatively plentiful and cheap in many foreign countries, then as the United States expands its trade with these foreign countries, the domestic demand for
a. unskilled labor will rise and skilled labor will fall. b. skilled labor will rise and unskilled labor will fall. c. both skilled and unskilled labor will rise proportionately. d. both skilled and unskilled labor will be unaffected, assuming no barriers to free trade.
Assume that the demand curve for MP3 players shifts to the right and the supply curve for MP3 players shift to the left, but the supply curve shifts less than the demand curve. As a result
A) both the equilibrium price and quantity of MP3 players will decrease. B) both the equilibrium price and quantity of MP3 players will increase. C) the equilibrium price of MP3 players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of MP3 players will increase; the equilibrium quantity will decrease.