Suppose the market demand elasticity is constant at -2, and there are three identical firms in the oligopolistic market. A Cournot firm's MPL = 1.2L-0.5, then the labor demand for a Cournot firm is
A) PL-0.5.
B) 0.6PL-0.5.
C) 0.2PL-2.
D) PL-2.
A
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A. Volume of physical resources B. Level of labor skills C. Level of technology D. Amount of factories on hand E. All of the responses are correct.
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A) when a major bank defaults. B) the rapid withdrawal of foreign investments and loans from a nation. C) when at least one developing country defaults on its loans. D) when a world leader is deposed from office.
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A. private cost. B. social cost. C. external cost. D. network cost.
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A) is one in which an increase in demand is matched by a proportional increases in long-run supply. B) generates increasing profits whenever demand increases because the new long-run equilibrium price is above the old price even though average costs have not changed. C) has a horizontal long-run supply curve. D) has a downward sloping long-run supply curve.