As the money wage rate increases
What will be an ideal response?
the short-run aggregate supply curve shifts leftward.
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To maximize joint profits, a cartel must determine the level of output at which:
A) joint marginal revenue equals the marginal cost of the largest member of the cartel. B) marginal revenue equals joint marginal cost. C) the horizontally sum of the members marginal cost curves is at a minimum. D) joint marginal revenue equals the marginal cost of the smallest member of the cartel.
You are the manager of a monopoly that faces a demand curve described by P = 230 ? 20Q. Your costs are C = 5 + 30Q. The profit-maximizing output for your firm is:
A. 5. B. 7. C. 6. D. 4.
An individual who is a risk lover
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries
A demand curve for a Giffen good would be
A) upward sloping. B) downward sloping. C) horizontal. D) vertical.