Figure 11-2
In Figure 11-2, at what price would the monopolist maximize profit?
A. E
B. F
C. G
D. H
Answer: D
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Labor unions cause unemployment because the union contract wage is set
A) below the market wage, causing a shortage of labor. B) above the market wage, causing a surplus of labor. C) above the market wage, causing a shortage of labor. D) below the market wage, causing a surplus of labor.
When they first appeared in the U.S., corporations did not have all the advantages that they have today. For example, early corporations:
a. had to be re-chartered upon the death of a shareholder. b. were taxed at a higher rate than sole proprietorships and partnerships. c. did not have the legal protection of limited liability. d. were not allowed to have more than 12 shareholders. e. All of the above.
If a market is in long-run equilibrium, which of the following conditions will be present in a competitive price-taker market but absent from a competitive price-searcher market?
a. P = ATC b. MR = MC c. P = MC d. MR < P
In the United States, the official poverty line is calculated by multiplying:
A. the cost of food for a family of a given size by 3. B. the average expenditure on housing for a family of a given size by 3. C. the average expenditure on housing for a family of a given size by 2. D. the cost of food for a family of a given size by 2.