A profit-maximizing firm operates in purely competitive product and resource markets, with the following resource and production schedules.WorkersTotal Production11002190327043405400645074908520The product price is $10 per unit and the cost per worker is $600. How many workers will the firm employ?
A. 4
B. 5
C. 6
D. 7
Answer: B
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Which of the following changes will cause a downward movement along the demand curve for reserves?
A) A decrease in deposits held by banks B) A decrease in the federal funds rate C) An increase in deposits held by banks D) An increase in the federal funds rate
Acquiring a firm that sells a substitute good will
a. Make the demand curve more inelastic b. Make the demand curve more elastic c. Make MR>MC d. Will have no effect on the demand curve
Which of the following is a lesson from the Condorcet paradox?
a. If voters are choosing a point along a line, then majority rule will pick the most preferred point of the median voter. b. Under certain conditions, there is no scheme for aggregating individual preferences. c. When there are more than two options, deciding the order in which to vote can have a powerful influence over the outcome of an election. d. Majority voting always indicates what outcome a society really wants.
Which of the following is an example of a vertical merger?
A. Northwestern Idaho University going from a public to a private university. B. Northwestern Idaho University merging with Roosevelt University. C. Northwestern Idaho University merging with a training academy for new professors. D. Northwestern Idaho University merging with Starbucks Coffee.