Returns to monopsony power occur because the wage rate < MRP for the last worker hired
Indicate whether the statement is true or false
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What evidence exists that industrial concentration increases the rate of technologicaladvance?
What will be an ideal response?
Assume that the United States uses 20 worker-hours to produce 1 computer and 5 worker-hours to produce 1 unit of food; assume also that Japan uses 10 worker-hours to produce 1 computer and 30 worker-hours to produce 1 unit of food. Which of the following statements is true?
a. Japan has the comparative advantage in food production. b. The United States has the comparative advantage in food production. c. The United States has the absolute advantage in food production. d. The United States has a lower opportunity cost for making computers. e. Japan has a lower opportunity cost for making food.
Exhibit 8-6 Monopoly
?
When the monopolist is maximizing total profit in Exhibit 8-6, the average total cost of producing that output level is:
A. $4. B. $6. C. $7. D. $8.
Despite the fact that most votes have virtually no impact on the outcome of a vote, and knowing people incur opportunity costs to vote, we recognize that people vote for all of the following reasons except they:
A. get utility from participating in a civic event. B. altruistically decide to contribute to the democratic process by voting. C. feel pressure to fulfill their civic duty. D. are obligated legally to do so.