Which of the following clearly restricts the competitive market process?
A) Selling below cost
B) Selling above cost
C) Selling at cost
D) Setting a price above marginal cost
E) None of the above.
E
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If your cumulative Grade Point Average (GPA) after two years of college is 3.0, and your grades for the current semester average 3.5, what will happen to your cumulative GPA? Explain the similarity of this example to the case of marginal cost and average cost.
What will be an ideal response?
In Figure 3-5 above, the marginal propensity to save is
A) 0.20. B) 0.80. C) 0.05. D) 0.02.
To maximize expected profit, a perfectly competitive firm with a random marginal cost and known demand should produce at the level that sets ________ equal to ________.
A) marginal cost; marginal revenue B) expected marginal cost; marginal revenue C) expected marginal cost; expected marginal revenue D) marginal cost; expected marginal revenue
A labor union is a(n)
a. single seller of labor on the labor market b. single buyer of labor on the labor market c. organization of workers who produce goods that are sold in union shops d. organization of workers who typically strike to obtain high wage rates e. organization of workers who refuse to work unless they are paid a wage rate above MRP