A piecework wage compensation may be used if productivity
A) can be related to the supply chain.
B) is easy to measure.
C) is difficult to observe.
D) is backloaded.
B
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Both competitive firms and monopolies produce at the level where marginal cost equals marginal revenue. Then, other things remaining the same, why is price lower in a competitive market than in a monopoly?
What will be an ideal response?
Suppose Guild produces 5,000 guitars per year. Its average total cost is $90, and its fixed cost is $250,000 . What is its variable cost?
a. $250,000 b. $450,000 c. $25,000 d. $56,000 e. $200,000
Any costly activity firms undertake to protect their monopoly status is referred to as
a. market power b. price-setting behavior c. rent seeking d. economies of scale e. legal intervention
When the charge against ALCOA for exercising monopoly control of the aluminum market was brought to court, ALCOA's market share, excluding scrap aluminum, was
a. 100 percent b. 90 percent c. 80 percent d. 65 percent e. 33 percent