50. The firm\'s demand for labor curve is exactly the same asthe: A)MRP curve. B

Question

50.

The firm's demand for labor curve is exactly the same asthe:

A)MRP curve.
B)MP curve.
C)wage rate.
D)price of the output.
E)labor supply curve.

52.

Which statement about the total variable cost curve istrue?

A)It begins at the origin and is always increasing.
B)The total variable cost curve is increasing but at a decreasingrate.
C)The total variable cost curve is the same at all levels ofoutput.
D)It begins at the origin and increases before decreasing again.
E)There is no such thing as a total variable cost curve.

53.

Cartel agreements are difficult to maintain because individualmembers:

A)can gain by raising their price above the price that is best forthe cartel.
B)can gain by secretly raising their price above the price that isbest for the cartel.
C)can enforce price arrangements vigorously in court.
D)are often unable to police the price and output policies of othermembers.

54.

Economic profit equals accounting profit minus:

A)explicit costs.
B)implicit costs.
C)variable costs.
D)fixed costs.

56.

By producing at the point where MR = MC, the firm:

A)profit is maximized.
B)output.
C)is guaranteed a profit.
D)will lose money.
E)will earn a profit of zero.

57.

Under monopoly, a firm:

A)will shut down in the short-run if price falls short of averagetotal cost.
B)maximizes profit by setting marginal cost equal to marginalrevenue.
C)always earns a pure economic profit.
D)is a price taker.

58.

As the electronic components industry expands, the salaries paidto electrical engineers rise in response to higher demand. We canconclude that the electronic components industry is a(n):

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