Private ownership of a monopoly may benefit society because the monopoly will have an incentive to
a. charge a price that is consistent with that of a benevolent social planner.
b. charge a price that prevents some people from buying.
c. price its good according to the intersection of marginal cost and average revenue.
d. lower its costs to earn a higher profit.
d
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The total labor hours that all the firms in the economy plan to hire during a given time period at one particular real wage rate is the
A) demand for labor. B) supply of labor. C) quantity of labor demanded. D) quantity of jobs supplied. E) quantity of labor supplied.
The sales revenue a seller receives from the sale of an additional unit of goods is called the marginal cost
Indicate whether the statement is true or false
Suppose that a country experiences growth strongly biased toward its export, cloth
A) this will tend to worsen the country's terms of trade. B) this will tend to improve the country's terms of trade. C) this will tend to leave the country's terms of trade unchanged. D) this will tend to worsen the terms of trade for the country's trading partner. E) this will increase the price of cloth relative to the imported good.
Labor resources:
a. include only physical activities. b. are only counted as a resource if used in the production of other resources. c. include only skilled labor. d. include both physical and mental activities. e. include human effort involved in the production of goods, but not services.