Prices are a critical component of the market system
Indicate whether the statement is true or false
TRUE
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From 1860 to 1910,
(a) The total population grew faster than the workforce. (b) National income grew faster than did total population. (c) The workday increased. (d) Foreign investment in the U.S. dropped continuously.
The labor supply curve facing a monopsonist is
a. downward sloping b. upward sloping c. a horizontal line d. backward bending e. a vertical line
Life expectancy in the U.S.:
a. is the highest in the world b. is the lowest in the world c. ranks about 100th in the world d. ranks about 40th in the world
The accompanying figure shows the demand curve, marginal revenue curve, marginal cost curve and average total cost curve for a monopolist.
This monopolist maximizes its profit by producing ________ units per day and charging a price of ________ per unit.
A. 4; $18 B. 8; $6 C. 8; $14 D. 4; $6