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Title: The figure above shows a labor market. If this labor market is perfectly competitive, employment is ... Post by: buttsuni on Feb 26, 2018 The figure above shows a labor market. If this labor market is perfectly competitive, employment is
A) 0 hours per week. B) 50 hours per week. C) 100 hours per week. D) 150 hours per week. Ques. 2 One benefit of monopolistic competition over perfect competition is A) economic profit. B) product variety. C) excess capacity. D) efficiency. Ques. 3 The ________ effect can be divided into the ________ effect and the ________ effect. A) marginal; substitution; price B) income; substitution; price C) substitution; price; income D) price; substitution; income Ques. 4 Limit pricing is a strategy which is intended to deter entry into an industry. Indicate whether the statement is true or false Ques. 5 If a firm is achieving economic efficiency it must also be achieving technological efficiency. Indicate whether the statement is true or false Ques. 6 The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. A quota to prevent the overuse of the cod sets the catch equal to ________. A) 0 tons per week B) 300 tons per week C) 400 tons per week D) None of the above answers is correct. Ques. 7 If the demand for KFC chicken is price inelastic, a fall in the price of KFC chicken will raise the total revenue. Indicate whether the statement is true or false Ques. 8 Insurance companies charge a lower premium to drivers who carry a higher deductible because A) insurance companies are not profit maximizers. B) a driver's riskiness decreases as the driver's deductible increases. C) a high deductible signals a high risk. D) insurance companies prefer that drivers carry no deductible. Title: The figure above shows a labor market. If this labor market is perfectly competitive, employment is ... Post by: sneeedy on Feb 26, 2018 Content hidden
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