The effect of a change in the wage rate on the number of hours people are willing and able to work is stronger when the:
A. supply of labor is inelastic.
B. supply of labor is elastic.
C. demand for labor is inelastic.
D. demand for labor is elastic.
Answer: B
Economics
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On the below graph, if the oligopoly's MC curve shifts from MC1 to MC2, the firm will charge:
A. A higher price than before and total revenue will increase
B. The same price as before and sell more output; total revenue will increase
C. The same price as before and sell the same amount of output; total revenue will remain the same
D. A higher price than before and sell less output; it can't be determined whether total revenue will change
Economics
Given the monopolistic firm pictured below what is the profit-maximizing price?
A. P1
B. P2
C. P4
D. 0
Economics