Suppose there are 100 firms in a perfectly competitive market. Each firm supplies 100 units of output when price is $5, and so market quantity supplied is ________ when price is $5 . Each firm supplies 150 units of output when price is $7, and so market quantity supplied is ________ when price is $7
a. 100; 150
b. 10,000; 15,000
c. 500; 1,050
d. 50; 700
b
You might also like to view...
For those workers who receive fringe benefits, such as health insurance and pensions, the additional income this results in—over and above the average hourly wage—is as much as (for some workers)
A. 10–12 percent. B. 30–40 percent. C. 51–62 percent D. 70 percent or more.
A good salesperson can sell $100,000 worth of goods, while a poor one can sell only $10,000 worth of goods. Job applicants know if they are good or bad, but the firm does not
A firm will offer job applicants a choice between a fixed salary of $2,000 or a commission on the sale. Assume risk-neutral salespersons and no opportunistic behavior. Given that the firm wants to distinguish a prospective good salesperson from a poor one, what should be the commission on sales? A) Commission should be larger than 50%. B) Commission should be larger than 40%. C) Commission should be between 2% and 20%. D) Commission should be smaller than 2%.
The U.S. government
a. intervenes to prevent the monopolization of any market. b. forbids the creation of legal impediments to entry into any market. c. intervenes to prevent the monopolization of some markets and actively encourages the monopolization of others. d. encourages the permanent monopolization of all markets in which the monopolist has technical superiority over potential competitors.
Which of the following is not listed in the book as a reason to study economics?
A. to be an informed citizen B. to learn a way of thinking C. to understand society D. to learn how to make lots of money