Using the market marginal revenue, firms in a cartel or engaged in tacit collusion should set ________ equal to ________ to maximize profit.
A) marginal revenue; marginal cost
B) marginal cost; average total cost
C) marginal revenue; average total cost
D) price; marginal revenue
A) marginal revenue; marginal cost
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Jasime voluntarily quit her job and is now searching for a new position. Jasime is classified as a
A) job loser. B) job reentrant. C) job leaver. D) new entrant.
Economists at which of the following offices help formulate spending plans and regulatory policies?
a. Office of Management and Budget b. Department of the Treasury c. Congressional Budget Office d. The Federal Reserve
Some economists are skeptical of the argument that employers are responsible for discriminatory wage differences. They argue that market economies provide a natural remedy to employer discrimination, and that remedy is
a. social responsibility. b. the profit motive. c. fear of reprisal from groups that suffer from those wage differences. d. fear of reprisal from government in the form of prosecution.
Suppose Colin brews beer and makes cheese. If Colin can increase his production of beer without decreasing his production of cheese, then he is producing at an:
A. inefficient point. B. unattainable point. C. efficient point. D. ideal point.