Figure 10-8
In the long run, the perfectly competitive firm in Figure 10-8 will leave the industry if the price falls below
a.
$10.
b.
$9.
c.
$5.
d.
$2.
b
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A monopoly will set price
a. at the highest price along its demand curve. b. equal to the value at which marginal cost intersects the demand curve. c. so that it can sell the quantity at which marginal revenue is equal to marginal cost. d. so that it can sell the quantity at which marginal revenue is equal to zero.
A method of analyzing the strategic interaction that occurs between small numbers of people, firms, organizations, or countries is called
A) clinical observation. B) microdemographics. C) forensic economics. D) game theory.
If a worker is indifferent between a job with a wage of $12 per hour and a job with a wage of $15 per hour, then the
a. higher-paying job enjoys a compensating wage differential of $3 per hour b. higher-paying job enjoys a compensating wage differential of $15 per hour c. lower-paying job is intrinsically more attractive than the higher-paying job d. lower-paying job is just as attractive as the higher-paying job e. worker's preferences are not rational
Non-interventionists include all of the following, EXCEPT
A. new classical economists. B. supply-side economists. C. Keynesian economists. D. monetarists.