This topic contains a solution. Click here to go to the answer

Author Question: Suppose an economy produces milk and honey, and milk is plotted along the horizontal axis of the ... (Read 126 times)

jman1234

  • Hero Member
  • *****
  • Posts: 560
Suppose an economy produces milk and honey, and milk is plotted along the horizontal axis of the production possibilities frontier. The MRT is 2.5 at the current point of production, and the price of honey is 5 per unit.
 
  What is the current price of milk if the market outcome is efficient? A) 12.50 per unit
  B) 10 per unit
  C) 2 per unit
  D) 1 per unit

Question 2

Suppose the upward sloping labor supply curve shifts leftward in a labor market with a single employer (monopsony). What happens to the equilibrium wage and level of employment in the market?
 
  A) Wage and level of employment increase.
  B) Wage increases and level of employment declines.
  C) Wage decreases and level of employment increases.
  D) Wage and level of employment decline.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

djpooyouma

  • Sr. Member
  • ****
  • Posts: 325
Answer to Question 1

C

Answer to Question 2

B




jman1234

  • Member
  • Posts: 560
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it


Chelseyj.hasty

  • Member
  • Posts: 319
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Did you know?

More than one-third of adult Americans are obese. Diseases that kill the largest number of people annually, such as heart disease, cancer, diabetes, stroke, and hypertension, can be attributed to diet.

Did you know?

Bisphosphonates were first developed in the nineteenth century. They were first investigated for use in disorders of bone metabolism in the 1960s. They are now used clinically for the treatment of osteoporosis, Paget's disease, bone metastasis, multiple myeloma, and other conditions that feature bone fragility.

For a complete list of videos, visit our video library