Cartels with a small number of firms have a greater probability of reaching the monopoly outcome than do cartels with a larger number of firms
a. True
b. False
Indicate whether the statement is true or false
True
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When the marginal product of labor is greater than the average product of labor, the
A) marginal product of labor must be increasing as labor increases. B) average product of labor must be increasing as labor increases. C) total product must be increasing at an increasing rate as labor increases. D) None of the above answers is correct.
Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If hiring another worker would increase output by three units per hour, then to maximize profits the firm should
A) not hire an additional worker. B) not change the number of workers it currently hires. C) hire another worker. D) There is not enough information to answer the question.
Following deregulation in the airline industry
a. small carriers have gone out of business but large carriers have not. b. large carriers have gone out of business but small carriers have not. c. both large carriers and small carriers have gone out of business. d. neither large carriers nor small carriers have gone out of business.
Arcadia faced very high levels of unemployment for three consecutive years. This caused social disruptions, riots, and finally the replacement of the government. In this scenario, unemployment has resulted in _____
a. a loss of lifetime earnings b. a loss of human capital c. the deterioration of health d. a loss of social cohesion