What effect does raising union wages have on unemployment?
a. It reduces unemployment throughout the economy.
b. It reduces unemployment in the union sector.
c. It increases unemployment throughout the economy.
d. It increases unemployment in the union sector.
d. It increases unemployment in the union sector.
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The figure above shows the demand and cost curves for a single-price monopoly. What price will the firm charge?
A) $50 per unit B) $30 per unit C) $20 per unit D) $10 per unit
Does the fact that diamonds, which we do not need to survive, are more expensive than water, which is a necessity, constitute a violation of utility maximization?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. Under perfect competition, each firm can sell its entire supply at the market price. 2. The output level that yields maximum profit under perfect competition is where MR equals MC. 3. Under conditions of perfect competition, profits exist whenever AR is above AVC at equilibrium output. 4. On a graph of average cost curves, the space between ATC and AVC represents AFC. 5. Under conditions of perfect competition, if MR is below ATC at equilibrium output, the firm is suffering a loss.
If Cruise with Us and Cruise the World are two luxury cruise lines in tacit collusion and Cruise with Us launches a new advertising campaign that states that it will meet any competitor's price on a comparable cruise, Cruise with Us might be tacitly signaling to Cruise the World that they are willing to ________.
A) maintain current the price B) cut price is exactly half C) raise their price D) lower their price