Which of the following is TRUE of a perfectly competitive firm and a monopoly in the long run?
A) P = MC
B) P = ATC
C) MR = MC
D) P = MR
C
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According to the above figure, what are the profits of the firm if it produces 50,000 units?
A) -$5,000 per day B) -$10,000 per day C) -$7,500 per day D) -$17,500 per day
A perfectly competitive firm maximizes profits or minimizes losses in the short-run by producing at the output level at which:
a. marginal revenue equals marginal cost. b. total revenue equals total cost. c. total revenue is at a maximum. d. none of these.
All of the following are true regarding the current status of labor unions EXCEPT
A) organized labor's heyday occurred from the 1940s through the 1970s. B) part of the explanation for the decline in union membership has to do with the shift away from manufacturing. C) the deregulation of certain industries has also contributed to a decline in unionism. D) recent labor laws have diminished worker's rights.
During the 19th century, the great abundance of land compared to the availability of labor
A. attracted millions of immigrants. B. encouraged early marriage and large families. C. encouraged rapid technological development. D. All of the choices are true.