|
Title: The table above gives information about the labor market in Lantis, a community in which the labor ... Post by: unistudentguy on Feb 26, 2018 The table above gives information about the labor market in Lantis, a community in which the labor market is perfectly competitive.
If the demand for labor decreases by 200 hours per day, the equilibrium wage rate falls to ________ an hour and the quantity of labor employed ________ hours per day. A) 10; remains at 400 B) 10; decreases to 300 C) 20; increases to 400 D) 5; remains at 200 Ques. 2 A market in which the Herfindahl-Hirschman Index is 1,000 is regarded by the Federal Trade Commission as A) moderately concentrated. B) concentrated. C) competitive. D) monopolistic. Ques. 3 Consider the monopolist depicted in the figure above. The profit maximizing level of output for a single-price monopolist is A) 7. B) 11. C) 13. D) 22. Ques. 4 In the above figure, the total cost curve is curve A) A. B) B. C) C. D) none of the curves in the figure. Ques. 5 What is the marginal cost of a good? What will be an ideal response? Ques. 6 The tables above show the marginal costs and benefits from production of paper. If the market is perfectly competitive and unregulated, the efficient amount of paper will be produced by setting a Pigovian tax of A) 5 per ton. B) 10 per ton. C) 20 per ton. D) 40 per ton. Ques. 7 Firms are often more efficient than markets as coordinators of economic activity because A) firms can achieve lower transaction costs. B) markets cannot coordinate production. C) firms don't rely on economies of scale while markets do. D) firm coordination is always more economically efficient than market coordination. Ques. 8 The vertical axis of a graph shows only positive values. Indicate whether the statement is true or false Title: The table above gives information about the labor market in Lantis, a community in which the labor ... Post by: richprack on Feb 26, 2018 |