Exhibit 8-12 Marginal revenue and cost per unit curves
As shown in Exhibit 8-12, if the price is OD, the firm's total revenue at its most profitable level of output is:
A. OZID.
B. OYHD.
C. OXLD.
D. OYFB.
Answer: A
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a. a farmer buys more land b. a robot replaces a worker c. a worker replaces a robot d. a worker spends less time on the job e. a worker attends training classes
Which of the following is an example of tacit collusion?
a. OPEC b. copper cartel c. price leadership d. government franchise granted to a utility
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b. has given up looking for a job because he is discouraged about his prospects. c. is looking for a job but is unable to find one. d. is jobless and also not looking for a job.
Labor market equilibrium is best characterized by
A. a minimum wage at which everyone is willing to work. B. a wage at which all workers are above the poverty level. C. a wage at which the number of people willing to work equals the number of workers firms are willing to hire. D. all workers receiving their ideal wage. E. a wage at which all people have a job.