The marginal factor cost for a monopsonist is:
a. equal to the market wage rate.
b. above the market wage rate.
c. below the market wage rate.
d. affected by the fact that workers are less willing to work than under conditions of perfect competition.
e. lower than the marginal revenue product of labor in equilibrium.
b
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Let C = 40 + 0.8y and I = 10. Autonomous consumption is
A) 10. B) 32. C) 40. D) 50.
The calculated price elasticity of demand:
A. is always a negative number, although it is sometimes reported as an absolute value. B. is sometimes negative and sometimes positive, depending on the magnitude of response. C. is always a positive number, because price and quantity are directly related in terms of demand. D. can be positive or negative, but is always reported as an absolute value.
Generally, economists agree that the economic outlook for the U.S. is seriously challenged
a. True b. False Indicate whether the statement is true or false
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC = 200 + .3Q. The demand curve faced by the industry is given as P = 400 - .1Q. What is the producer and consumer surplus in the entire market?
What will be an ideal response?