The optimal hiring rule is to employ labor up to the point where:
a. wage = MFC.
b. wage = MP.
c. wage = MR
d. wage = MRP
e. wage = TWC.
d
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What Supreme Court case ruled separate education for blacks and whites was constitutional provided that it was equal?
a. Plessy vs. Ferguson b. Munn vs. Illinois c. The Dred Scott Case d. Brown vs. Board of Education
Monopsonistic competition
a. exists when there are many buyers offering differentiated conditions for sellers. b. is very prevalent in the U.S. economy. c. exists when a great number of firms hire labor, offering a variety of working conditions and fringe benefits. d. All of the above.
The marginal revenue product (MRP) establishes
A. A lower limit to profit on the sale of a unit of output. B. A lower limit to the wage rate demands of laborers. C. An upper limit to the productivity of a worker. D. An upper limit to the wage rate an employer is willing to pay.
The basic problem of a shared monopoly from the point of view of those involved is that
A. the shared output is too high for the high price to be maintained. B. revenue is lower than in the other oligopoly models. C. collusive agreements are difficult to sustain. D. profits are lower than in the other oligopoly models.