________ the owners of the factors of production, while ________ what amounts of those factors to hire
A) Households are; firms determine
B) Households are; the government determines
C) The government is; firms determine
D) Firms are; households determine
E) Firms are; the government determines
A
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An employer faces a minimum wage control where it cannot pay its workers any less than $10.25 an hour. The employer knows that the workers value the jobs and are willing to work even at much less. The employer decides to offer them the minimum wage, but successfully stops other sellers of work uniform from sell uniforms to its workers so that he can charge more for the ones he sells. This is an
example of a. Tying b. Bundling c. Exclusion d. Fraud
In the long run
A. all costs are variable. B. total variable cost equals total fixed cost. C. total fixed cost is greater than total variable cost. D. all costs are fixed.
Consider the currency market for British pounds and U.S. dollars. An increase in the supply of British pounds ________.
A. is equivalent to an increase in the demand for the U.S. dollar B. results in a depreciation of the pound and a depreciation of the dollar C. results in an appreciation of the pound and a depreciation of the dollar D. is equivalent to a decrease in the demand for the U.S. dollar
Use the following graph for a pure monopoly operating in the short-run to answer the next question.
To maximize profits, this firm should charge a price of ________.
A. 0B B. 0C C. 0A D. not labeled on the graph