A monopolist suffers a loss if its ________ schedule is everywhere above its ________ schedule.
A. Demand; ATC
B. ATC; Demand
C. MC; AVC
D. ATC; MC
Answer: B
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If the existence of alternative opportunities makes people become less willing to work in poultry processing plants, then the real wage of unskilled workers in poultry processing plants is predicted to ________ and the employment of unskilled workers in poultry processing plants is predicted to ________.
A. increase; not change B. decrease; decrease C. increase; decrease D. increase; increase
Explain the concept of adverse selection. Give an example
What will be an ideal response?
One reason why critics argue that large firms should not be broken up is that in some cases
A. large firms have a concentration of economic power. B. large firms are less-efficient producers. C. many smaller firms would be less-efficient producers. D. there is no economic reason to break up large firms that may have some control over the market.
Which of the following statements is true?
a. MC = ?TC/ ?Q b. MC = TFC/Q c. MC = ATC/Q d. MC = Q/L e. none of the above