Refer to Table 17-3. What is Hotspur's profit maximizing quantity of labor?
A) 2 workers B) 3 workers C) 5 workers D) 6 workers
C
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Cartels are typically subject to cheating by their members because
A) if the other firms stick to the agreement, a firm can increase its profits by cutting its price. B) barriers to entry do not exist so new entrants will join. C) the U.S. Justice Department will punish any cartel agreement before the cartel has had a chance to operate. D) product differentiation allows the firms in the cartel to cheat.
State whether each of the following goods and services is nonrival, nonexcludable or both:
a. A toll road b. A public park c. A lighthouse d. An art museum e. A radio broadcast of "A Prairie Home Companion"
The real exchange rate is defined to be the:
A. value of goods in one nation relative to the value the same set of goods in another country. B. rate at which firms in different nations would be willing to exchange goods. C. rate people exchange goods and services in a domestic market. D. value of goods in one nation relative to the value a similar set of goods in another country.
One effect of the lemons problem in the used car market is that
a. the market is efficient b. without reliable information, lemons become increasingly common c. no good cars are offered on the market d. no lemons are offered on the market e. good cars sell at more than their market value