Computer memory chips are produced on wafers, each wafer having many separate chips that are separated and sold. The above table shows costs for a perfectly competitive producer of computer memory chips
If the market price of a wafer is $2,400 dollars, how many wafers will the firm produce? A) 0
B) 4 or 5
C) 3 or 4
D) 1 or 2
E) 6
B
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Which of the following will not lead to an increase in the demand for labor for a firm producing automobiles?
A) a decrease in labor productivity B) an increase in the price of robots that are used to solder parts of the car together C) an increase in the demand for automobiles D) an increase in the price of automobiles
Additional highway traffic
a. creates a positive externality b. creates a negative externality when a highway is congested c. creates a negative externality even if a highway is not congested d. is Pareto optimal e. requires a side payment
A closed shop exists when the
a. employer is only permitted to hire union members b. union is the owner of the firm c. union members are not allowed to be hired d. employer can hire nonunion workers, but the workers must join the union within a certain time period e. firm goes bankrupt and workers lose their jobs
The Federal Reserve System is composed of:
A. three branches with overlapping responsibilities. B. six branches with overlapping responsibilities. C. twelve branches with clear responsibilities. D. five branches with clear responsibilities.