If a firm wants to maximize profits, it should hire workers up to the point at which
A) total factor cost = total revenue.
B) marginal factor cost = marginal revenue product.
C) marginal utility = marginal cost.
D) total social benefit = total social costs.
B
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The three models of oligopolies, Cournot, Stackelberg and Bertrand, all assume firms independently choose the quantity of output to produce
Indicate whether the statement is true or false
What has happened to countries that did not participate in the globalization of the world economy?
a. The fraction of the population living below the poverty line in these countries has decreased. b. These countries have been mired in a low-growth path and are experiencing high poverty rates. c. The socialist policies in these countries have caused a big change in the income distribution, something that globalization could not have achieved. d. The growth rate of these countries is stronger than the First World countries. e. The domestic industries in these countries have experienced robust growth.