For a given seller, the accompanying figure shows the relationship between the number of units produced and the opportunity cost of producing an additional unit of output. What is this seller's reservation price for the 250th unit?
A. $8
B. $2
C. $4
D. $14
Answer: C
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If a person is laid off from a job, he is considered by the Bureau of Labor Statistics to be a
A) job leaver. B) reentrant. C) job loser. D) new entrant.
In Belgium, Norway, and Sweden, the percentage of workers who belong to unions is
a. almost zero. b. less than it is in the United States. c. about the same as it is in the United States. d. greater than it is in the United States.
The accompanying graph shows the cost curves for Moe's mushroom gathering business, which is perfectly competitive.
Moe's short run supply curve is:
A. curve A above curve C. B. curve C to the right of curve A. C. curve B to the right of curve A. D. curve A above curve B.
A contestable market is one where:
A. there is a threat of entry. B. there are no firms that threaten to enter the market. C. firms already in the market cannot leave the market. D. only one firm at a time can serve the market.