The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L
B) w = 200 - 4L
C) w = 100 - L
D) w = 2L
A
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Refer to Table 11.1. At the equilibrium level of output, y*, what is the trade balance?
A) -1,345.00 B) -985.00 C) -276.25 D) -186.25
Even though government-operated firms do not have to make a profit, they usually operate efficiently
Indicate whether the statement is true or false
The United Auto Workers is an example of
A) a public-sector union. B) a craft union. C) an industrial union. D) a socialist union.
In the short run, a firm operating in a monopolistically competitive market
a. produces an output level where marginal revenue equals average total cost. b. sets price equal to demand where marginal revenue equals marginal cost. c. must earn zero economic profits. d. maximizes revenues as well as profits.