In the above figure, which wage rate yields the highest union employment?
A) W1
B) W2
C) W3
D) W2 - W1
A
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If a perfectly competitive firm is a profit-maximizer, it produces where
a. MR>MC b. P>MR c. P = MC d. TR = TC
The figure above shows the supply curve for soda. The market price is $1.00 per soda. The marginal cost of the 10,000th soda is
A) $0.00. B) $0.50. C) $1.00. D) more than $0.50 and less than $1.00. E) None of the above answers is correct.
What is deadweight loss? When is deadweight loss equal to zero?
What will be an ideal response?
In a monopolistically competitive market,
a. strategic interactions among the firms are very important. b. the threat of entry by new firms is not an important consideration. c. the attainment of a Nash equilibrium is an important objective. d. firms may enter even though they will earn zero economic profit in the long run.