Author Question: For the monopoly shown in the figure above, the profit maximizing price is ________ per unit. A) ... (Read 122 times)

cookcarl · **on:** Jun 29, 2018

For the monopoly shown in the figure above, the profit maximizing price is ________ per unit.

A) 10
B) 20
C) 30
D) 50

Question 2

For many jobs, as wages increase, the quantity supplied of labor increases. This set of facts is evidence that the

A) substitution effect is larger than the income effect and the supply of labor curve is upward sloping.
B) income effect is larger than the substitution effect and the supply of labor curve is upward sloping.
C) substitution effect is larger than the income effect and the supply of labor curve is backward bending.
D) income effect is larger than the substitution effect and the supply of labor curve is backward bending.