In the above table, which technique is technologically inefficient?
A) Technique W
B) Technique X
C) Technique Y
D) Technique Z
A
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As firms reduce their stock of capital, labor demand ________ and labor supply ________
A) decreases; stays the same B) decreases; decreases C) increases; stays the same D) increases; increases
Refer to Figure 16-5. Suppose the firm represented in the diagram decides to use a two-part pricing strategy such that it charges a fixed fee and a per-unit price equal to the monopoly price. What is the per-unit price?
A) $28 B) $24 C) $12 D) $8
With respect to efficiency wage models, the efficiency of workers depends
a. positively on the money wage they are paid. b. positively on the real wage they are paid. c. inversely on the age of the workers. d. positively on the unemployment rate.
Which of the following is true regarding the cost curves faced by a firm?
a. when MC > ATC, AVC must be falling b. when MC > AVC, ATC must be rising c. when MC > ATC, ATC must be rising d. MC and ATC are the same for a perfectly competitive firm e. when MC is a horizontal line, price is constant