There is no good basis for dividing federal and state regulatory jurisdictions
Indicate whether the statement is true or false
F Although imperfect, having states regulate matters within there borders and the federal government regulate matters that spill across states has served quite well as a dividing line between jurisdictions.
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Suppose a firm can hire 100 workers at $8.00 per hour but must pay $8.05 per hour to hire 101 workers. Marginal factor cost (MFC) for the 101st worker is approximately equal to:
a. $8.00. b. $8.05. c. $13.05. d. $13.00.
If a perfectly competitive firm is a price taker, then _____
a. pressure from competing firms will force it to accept the prevailing market price b. it will be a relatively large player compared to its competitors in the overall market c. it will increase or decrease its output to vary the total quantity supplied in the market d. quality differences will be very perceptible and will play a major role in consumers' decisions