Refer to the below table. What would the wage rate be if all the workers could work in all three labor markets, and they get spread out evenly?
Suppose there are only three labor markets (A, B, and C) in the economy and each of these markets is purely competitive. The table below contains the demand (or marginal-revenue-product) schedule for labor in each of these three markets. Assume there are 24 million homogeneous workers in the economy and that one-half of these workers are male and one-half are female
A. $7.00 for females and $13.00 for males
B. $8.00 for females and $11.00 for males
C. $11.00 for females and $11.00 for males
D. $13.00 for females and $13.00 for males
C. $11.00 for females and $11.00 for males
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Consumer's surplus
a. is the gap between total willingness to pay and the total market value of a good. b. guarantees that the market value of a good in money is equal to the total economic value of the good. c. is always negative because of diminishing marginal utility. d. is the total area under a consumer's demand curve.
The two conflicting tendencies that a firm has in an oligopolistic industry are the incentive to
a. cheat to maximize joint profits and the incentive to raise prices. b. cheat and avoid collusion and the incentive to raise price to maximize the firm's share of profits. c. increase output in order to minimize per-unit costs and the incentive to reduce price in order to maximize joint profit. d. cooperate to maximize joint profits and the incentive to cheat on the agreement in order to increase the firm's share of the profit.
Refer to the above table. If the price is $3 the maximum profit this firm could earn is
A. -$99. B. -$100. C. $99. D. $306.
In the Modern Keynesian Model the short run aggregate supply curve slopes upward. How could one explain the shape of the upward sloping? short-run aggregate supply curve by only focusing on the capital? input?