The demand for labor depends upon each of the following, except one. Which is the exception?
a. the level of technology
b. the quantity of labor available
c. the prices of complements to labor
d. the prices of substitutes for labor
e. the number of firms hiring in that labor market
B
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ALL of the following describe economic conditions during the Great Depression in the United States EXCEPT:
A. a sharp decline in stock prices. B. high rates of inflation. C. low levels of production. D. high rates of unemployment.
Based on this information, what would be the national standard for an allocatively efficient abatement?
Hypothetically, suppose a recent study of hazardous waste abatement (A) arrives at the following national estimates for abating chemical solvents: MSB = 100 – 0.75A and MSC = 20 + 0.50A, where A is measured in millions of tons per year, and costs are measured in millions of dollars.
A profit maximizing single-price monopolist charges a price equal to
A) average total cost. B) marginal revenue. C) the highest price consumers are willing to pay for the profit maximizing quantity. D) the price necessary for the firm to earn a normal return on its investment.
In the long-run equilibrium in a perfectly competitive market, the firms produce at the ________ possible average total cost and the price equals the ________ possible average total cost
A) highest; highest B) lowest; lowest C) highest; lowest D) lowest; highest