Productivity is output per worker hour.
Answer the following statement true (T) or false (F)
True
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A firm is currently producing at a level where its MC = 10 and its MR = 5. We can conclude that this firm is
a. profit maximizing. b. under-producing. c. over-producing. d. no definite conclusion can be made about the firm's level of production.
A monopsonistic employer faces a
A) perfectly elastic labor supply curve. B) perfectly inelastic labor supply curve. C) MFC curve that is greater than the wage rate at each quantity of labor. D) MFC curve that is less than the wage rate at each quantity of labor.
Employers can shift payroll taxes by substituting capital for labor
a. True b. False Indicate whether the statement is true or false
An import quota on a product protects domestic industries by:
A. reducing the foreign supply to the domestic market and, thereby, raising the domestic price. B. increasing the foreign supply to the domestic market and, thereby, lowering the domestic price. C. increasing the domestic demand for the product and, thereby, increasing its price. D. providing the incentive for domestic producers to improve the efficiency of their operation and, thereby, reduce their per-unit costs of production.