Price is constant or "given" to the individual firm selling in a purely competitive market because:
A. there are no good substitutes for the firm's product.
B. the firm's demand curve is downward sloping.
C. each seller supplies a negligible fraction of total supply.
D. product differentiation is reinforced by extensive advertising.
Answer: C
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In the United States, the unemployment rate for women is typically ________ than it is for men, and the typical woman earns ________ than typical man earns
A) higher; more B) higher; less C) lower; more D) lower; less
An increase in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point inside the frontier
Indicate whether the statement is true or false
The management of a rental building faces a rent control situation, where it cannot charge more than $400 a month in rent on the apartment. The management knows that the apartments are high in demand and renters would be willing to be $1000 per month for them. The management will
a. Do nothing-it cannot violate the regulation b. Offer a bundle of both the apartment and furniture together for $1000 c. Offer the controlled rent but force the tenants to rent furniture from the management d. Both B&C
The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal revenue product of the second unit of the resource is
A. $54. B. $36. C. $18. D. $126.