Consider the labor market depicted in the above figure. The competitive equilibrium would be for ________ hours of employment

The socially optimal level of output of a good with an externality occurs when

a. the marginal private costs of production are equal to marginal private revenues b. the firm maximizes its profits c. the consumer maximizes his or her utility d. the marginal social cost of production equals the marginal social benefit of the good e. the firm is making a normal profit

The judicial doctrine, being a monopoly or attempting to monopolize is not in itself illegal; to be illegal, an action had to be shown to have negative economic effects, is called:

a. the "big is bad" policy. b. the per se rule. c. predatory price-cutting policy. d. the rule of law. e. the rule of reason.