If the goal of the union is to maximize member income, then
A) a wage rate will be set in the inelastic portion of the demand curve.
B) a wage rate will be set at the point at which the elasticity of demand equals 1 and marginal revenue is positive.
C) a wage rate will be set at the point at which marginal revenue equal zero.
D) the supply of labor must be inelastic.
Answer: C
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The above table gives the market demand and market supply schedules for soda. What is the minimum price that producers are willing to accept for the 400th can of soda?
A) $0.40 per can B) $0.50 per can C) $0.60 per can D) $0.70 per can
XYZ Corporation operates in a perfectly competitive market and is currently maximizing profit. To keep the firm's costs low, XYZ's managers have decided to dump waste in a nearby river
Explain why the level of output currently produced by XYZ is not efficient.
Exhibit 15-6 Dollars per British pound QuantityDemanded Dollarsper Pound QuantitySupplied 200 5 600 240 4 480 300 3 410 360 2 360 390 1 330 In Exhibit 15-6, the equilibrium exchange rate is:
A. 5. B. 4. C. 3. D. 2.
Today, the earth has ________ of all of the species that have ever lived.
A. less than 1 percent B. about 50 percent C. about 99 percent D. 100 percent