41. The long-run supply curve for a competitive constant-cost industry is: A) ho
ID: 1240733 • Letter: 4
Question
41.
The long-run supply curve for a competitive constant-cost industry is:
A) horizontal.
B) vertical.
C) downward-sloping.
D) upward-sloping.
42.
An economist left his $100,000-a-year teaching position to work full-time in his own consulting business. In the first year, he had total revenue of $200,000 and business expenses of $150,000. She made a(n):
A) implicit profit.
B) accounting loss but not an economic loss.
C) zero economic profit.
D) economic profit.
E) economic loss.
43.
The demand for labor curve is identical to the:
A) total revenue curve.
B) marginal revenue product curve.
C) total wage cost curve.
D) marginal revenue curve.
E) marginal resource curve.
44.
A monopsony owner believes that hiring an additional worker would increase the company's revenue by $150 per day. We can conclude that the monopsony pays its workers:
A) exactly $150 per day.
B) more than $150 per day.
C) exactly $75 per day.
D) less than $150 per day.
45.
At the level of output where the marginal cost and marginal revenue curves intersect, a monopolist's demand curve passes above its average total cost curve. The firm will:
A) shut down in the short-run.
B) increase its price.
C) stay in operation in the short-run, but shut down.
D) be able to make a pure economic profit.
46.
Since the demand for labor depends on the demand for the product labor produces, the demand for labor is called:
A) derived demand.
B) primary demand.
C) secondary demand.
D) dependent demand.
47.
A monopoly is:
A) the only buyer of a unique raw material.
B) a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run.
C) the only seller of a good for which there are no good substitutes in a market with high barriers to entry.
D) the producer of a product subsidized by the government.
48.
Exhibit 11-2 Labor and output data
Labor
Output
0
0
1
20
2
45
3
80
4
100
5
110
In Exhibit 11-2, if product price is fixed at $5, the MRP of the third worker is equal to:
A) $125.
Labor
Output
0
0
1
20
2
45
3
80
4
100
5
110
Explanation / Answer
42. Although the economist made a profit of 50,000 in theconsulting firm she couldve made a profit of 100,000 had she stayedin her old job. Including opportunity cost the economist made anegative economic profit. E is the answer
43. The demand curve is identical to the marginal revenueproduct curve because the demand curve is perfectly elastic so anychanges in the price will result in the same change in how muchmore revenue is made. B is your answer
44. We can conclude that the firm will pay its workers lessthan the MR of each worker to make an economic profit since it is amonopsoly. The answer is D
46. Derived Demand is defined the value that the resourcecontributes depends on two things: how much output increases, andthe extra revenue that each unit of the extra output brings to thefirm. So the answer is A
47. A monopoly is a market in which there is only a fewsellers with high barriers to entry. The closest answer is C
48. The difference in production from the 3rd worker is 35more products. At 5 dollars the mrp is 175. D is your answer
49. The bureau said that most of the new members weregovernment employees and that the percentage of workers in unionsrose to 12.4 percent of the overall work force last year, up from12.1 percent in 2007. According to the new york times. This can beestimated to 10%
44. We can conclude that the firm will pay its workers lessthan the MR of each worker to make an economic profit since it is amonopsoly. The answer is D
46. Derived Demand is defined the value that the resourcecontributes depends on two things: how much output increases, andthe extra revenue that each unit of the extra output brings to thefirm. So the answer is A
47. A monopoly is a market in which there is only a fewsellers with high barriers to entry. The closest answer is C
48. The difference in production from the 3rd worker is 35more products. At 5 dollars the mrp is 175. D is your answer
49. The bureau said that most of the new members weregovernment employees and that the percentage of workers in unionsrose to 12.4 percent of the overall work force last year, up from12.1 percent in 2007. According to the new york times. This can beestimated to 10%
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