Refer to Scenario 14.4. How much will the monopsonist pay each worker?
A) 0
B) 78
C) 83
D) 92
E) 100
C
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A perfectly competitive firm would be willing to remain in the industry in the long run at zero economic profit because
A. its total revenues would be positive. B. accounting profit would be negative. C. revenue is equal to all costs, including the opportunity cost of capital and labor. D. its fixed costs would prevent it from leaving the industry.
The law of demand states that a lower price increases the amount of a commodity that people are willing to buy
a. True b. False Indicate whether the statement is true or false
The introduction of an overnight delivery service that guarantees the delivery of packages anywhere in the world overnight would increase:
A. the unemployment rate. B. the share of population employed. C. the labor force participation rate. D. average labor productivity.
People enjoy outdoor holiday lighting displays and would be willing to pay to see these displays but can't be made to pay. Because those who put up lights are unable to charge others to view them, they don't put up as many lights as people would
like. This is an example of a: A. negative externality. B. supply-side market failure. C. demand-side market failure. D. government failure.