The spirit of equating marginal cost with marginal revenue is NOT held by:
A. oligopolistic firms.
B. perfectly competitive firms.
C. perfectly competitive firms and oligopolistic firms.
D. None of the answers is correct.
Answer: D
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U-1 is a more ________ measure of unemployment rate than the conventional U-3 measure and U-1 counts as unemployed workers who ________
A) narrow; have been unemployed for 15 weeks or more weeks B) broad; have been laid off C) broad; are marginally attached to the labor force D) narrow; have been laid off E) broad; who are discouraged workers
Patents allow manufacturers to block the entry of new firms into an industry through
a. infringement suits b. economies of scale c. limit pricing d. price discrimination e. a government franchise
Suppose that the level of real GDP is $1,000,000 and the economy has 10,000 workers. Labor productivity is
a. $100 per worker b. $0.01 per worker c. $1,000,000 per worker d. $1,000 per worker e. Labor productivity cannot be computed with the information given
Compared to the price under perfect competition, the monopolist charges which of the following?
a. The same price b. A lower price c. A lower or higher price d. A higher price