Author Question: Refer to Scenario 14.2. If each unit of output sells for 5, how many days of labor will the firm ... (Read 130 times)

sam.t96

  • Hero Member
  • *****
  • Posts: 570
Refer to Scenario 14.2. If each unit of output sells for 5, how many days of labor will the firm hire to maximize profit?
 
  A) 1
  B) 2
  C) 3
  D) 4
  E) 5

Question 2

What condition may provide for a relatively small degree of inefficiency under monopolistic competition?
 
  A) There is a single seller and no product differentiation.
  B) The marginal cost of production is less than the market price.
  C) The demand curve is relatively elastic so that the price is near the long-run minimum average cost.
  D) There is only one buyer in the market.



irishcancer18

  • Sr. Member
  • ****
  • Posts: 310
Answer to Question 1

B

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

The lipid bilayer is made of phospholipids. They are arranged in a double layer because one of their ends is attracted to water while the other is repelled by water.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

For a complete list of videos, visit our video library