In a bilateral monopoly, the wage rate that is determined in the market
A) is equal to MFC.
B) is equal to MRP.
C) is indeterminate.
D) is the same as in a perfectly competitive market.
C
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A return to the gold standard, that is, using gold for money will ________ the ________ for gold, ________ its price, everything else held constant
A) increase; demand; increasing B) decrease; demand; decreasing C) increase; supply; increasing D) decrease; supply; increasing
For a monopolistically competitive firm
A) price equals marginal revenue at all levels of output. B) price is less than marginal revenue at all levels of output. C) price is greater than marginal revenue at all levels of output except for the first unit. D) the demand curve is perfectly inelastic and marginal revenue is zero.
What happens to overall living standards when countries trade with other countries?
What will be an ideal response?
As long as price is greater than average variable cost, a firm maximizes its profit by producing that quantity of output for which
a. average revenue equals average total cost b. the price is the highest c. marginal revenue equals marginal cost d. average total cost is minimized e. average variable cost is minimized