If every worker earns the same wage rate, then
a. MPP = MRP for all workers
b. the firm cannot earn a profit
c. every worker except for the last hired generates an MRP equal to the wage rate
d. only the last worker hired generates an MRP equal to the wage rate
e. all workers hired generate an MRP equal to the wage rate
D
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International trade decreases the demand for workers in domestic industries that
A) produce goods that are exported from the country. B) produce the goods in which the nation has a comparative advantage. C) help businesses import and export. D) produce goods that also are imported into the country. E) service imported goods.
A firm would decide to shut down if its production resulted in
A) AFC > AVC. B) MR < AVC. C) ATC > AVC. D) MR < ATC.
The joining of two or more firms competing in the same market with the same good or service:
a. Stockholm enterprise b. partnership c. vertical merger d. horizontal merger e. Pineapple Ring
If the government implements a binding price ceiling on insulin, this will
A) increase the price consumers will pay for insulin. B) decrease the quantity of insulin the manufacturers will be willing to supply. C) have to be set above the market equilibrium price to be effective. D) encourage manufacturers to produce and sell more insulin to increase their profits.