Using the above table, the TVC, the TC, and MC when output is 3 units are
A. $45, $18, and $15, respectively.
B. $45, $50, and $15, respectively.
C. $15, $45, and $15, respectively.
D. $15, $20, and $15, respectively.
Answer: B
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A) a reservation wage. B) the demand for Linda's labor. C) a competitive labor market. D) the substitution effect.
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A) seconds B) hours C) days D) months
Properties of long-run competitive equilibrium with free entry include:
A. an equilibrium price equal to the minimum MC. B. firms earning zero profits. C. active firms producing at their maximum scales of production. D. All of these are properties of long-run competitive equilibrium.
A low-productivity country will tend to avoid free trade with a high-productivity country. The low-productivity country will be exploited and lose industries in which it has a comparative advantage
a. True b. False