Refer to the diagrams. The profit-maximizing firm's total revenue:
A. is 0abc.
B. is 0Wbc.
C. is Wab.
D. cannot be determined.
A. is 0abc.
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Comment on the following: "A monopolist is a firm that can raise its price without experiencing a decrease in its total revenue."
What will be an ideal response?
The government has just passed a law requiring that all residents earn the same annual income regardless of work effort. This law is likely to
a. increase efficiency and increase equality. b. increase efficiency but decrease equality. c. decrease efficiency but increase equality. d. decrease efficiency and decrease equality.
In 2017, the U.S. median income for a family of four was about $61,000.
Answer the following statement true (T) or false (F)
Jen is a waitress, and she gets paid an additional $2.00 per hour for agreeing to work on Valentine's Day. Jamie is also a waitress, but she did not work on Valentine's Day and hence did not get the extra $2.00 per hour. This difference in pay is an example of differences in human capital
a. True b. False Indicate whether the statement is true or false