Monopolies tend to
A) hire more labor than duopolists or competitive firms, hence they are inefficient.
B) hire more labor than competitive firms but less than duopolists.
C) hire less labor than competitive firms because they produce at an inefficient level.
D) hire more labor because they produce at an inefficient level.
C
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In the Ricardian model, if a country's trade is restricted, this will cause all EXCEPT which?
A) limited specialization and the division of labor B) reduced volume of trade and reduced gains from trade C) nations to produce inside their production possibilities curves D) a country to produce some of the product of its comparative disadvantage E) raised costs as more diverse product is produced internally
Over the period between 1960 and 2010, the increase in unemployment rate was the greatest in
A) early 1960s. B) late 2000s. C) mid 1970s. D) early 1980s. E) early 1990s.
Table 7-6 Number of ovens 2 2 2 2 2 2 2 2 Labor hours used 1 2 3 4 5 6 7 8 Loaves of bread produced 20 34 55 70 82 91 94 92 Table 7-6 shows a baker’s daily production relationship for bread. Diminishing returns to labor begin when the baker goes from
A. one hour of labor to two hours of labor. B. three hours of labor to four hours of labor. C. six hours of labor to seven hours of labor. D. seven hours of labor to eight hours of labor.
Which of the following is not a reason the aggregate-demand curve slopes downward? As the price level increases,
a. firms may believe the relative price of their output has risen. b. real wealth declines. c. the interest rate increases. d. the exchange rate increases.