In the above table, if the marginal revenue product is $18, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 5; $18
B) 3; $14
C) 3; $18
D) 4; $16
B
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Peanut butter and jelly are complements for consumers. In 2015, the price of peanut butter increased. As a result, the ________ which lead to ________ in the price of jelly and ________ in the quantity of jelly
A) demand for jelly; a decrease; a decrease B) supply of jelly; a decrease; an increase C) supply of jelly; an increase; a decrease D) demand for jelly; an increase; an increase
The price level in India increases from 131 to 137 while its trading partners' price levels remain constant. As a result, people will buy ________ Indian-made goods and there will be a movement ________ along India's aggregate demand curve
A) more; upward B) more; downward C) less; downward D) less; upward
Total profit is maximized
a. where the difference between total revenue and total cost is greatest. b. at that output level where marginal revenue equals average cost. c. where total revenue is at a maximum. d. at the point where all variable costs are covered.
Holding other factors constant, if a larger proportion of the population enters the labor force as a result of a growing social acceptance of women working, then the real wages of workers will ________ and employment of workers will ________.
A. decrease; increase B. increase; increase C. increase; decrease D. decrease; not change