In the above figure, when this monopolistically competitive firm produces its profit-maximizing output, it sets a per-unit price of
A) $13.
B) $11.
C) $10.
D) $8.
B
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In the fooling model, real wages
A) are countercyclical. B) are procyclical. C) are constant. D) show no clear cyclical pattern.
Caren is willing to sell cakes at $5 per piece. The market price of each piece of cake is $10 . The producer surplus received by Caren from the sale of each piece is $10
a. True b. False Indicate whether the statement is true or false
Two firms, Acme and FirmCo, have access to five production processes, each of which has a different cost and gives off a different amount of pollution. The daily costs of the processes and the corresponding number of tons of smoke emitted are shown in the table below.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Acme ($/day)$750$800$1,000$1,400$2,000Cost to FirmCo ($/day)$500$750$1,200$2,200$4,000 Suppose the firms are both currently using process A. If the government requires each firm to reduce pollution by 20 percent, then the firms will adopt process ________, and a total of ________ tons of smoke will be emitted each day.
A. B; 16 B. A; 18 C. D; 8 D. C; 12
A lifeguard who is out of work in the winter is
A. frictionally unemployed. B. seasonally unemployed. C. cyclically unemployed. D. structurally unemployed.