In a purely competitive market place, the firm's output will be determined by
A) where MR = MC.
B) where MR = ?y/?N.
C) where MP = ?y/?N.
D) where MC = P.
A
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If union demands result in a surplus of labor in some industries, the resulting
a. increased demand for labor in the nonunion sector drives nonunion wages up b. decreased demand for labor in the nonunion sector drives nonunion wages down c. increased supply of labor in the nonunion sector drives nonunion wages down d. increased supply of labor in the nonunion sector drives nonunion wages up e. decreased supply of labor in the nonunion sector drives nonunion wages up
When unions successfully raise wage rates,
a. the employer must cut benefits b. fewer workers may be employed c. there is decreasing pressure for workers to join the market d. a strike occurs e. the monopsony keeps the same return to monopsony power
Efficiency means that
a. society is conserving resources in order to save them for the future. b. society's goods and services are distributed equally among society's members. c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. d. society is getting the maximum benefits from its scarce resources.
What shows the quantities of products demanded at each price by all consumers in a market?
a) an elasticity and consumption list b) a schedule of consumer prices c) a market pricing list d) a market demand schedule