Opera Estate Girls' School is considering increasing its tuition to raise revenue. If the school believes that raising tuition will increase revenue it is assuming that the demand for attending the school is

The above figure illustrates a perfectly competitive firm. If the market price is $40 a unit, to maximize its profit (or minimize its loss) the firm should

A) shut down. B) produce more than 10 and less than 30 units. C) produce 30 units. D) produce more than 30 units and less than 40 units.. E) produce 40 units.

In the efficiency wage model, an increase in productivity would

A) increase output but decrease the real wage. B) decrease the real wage but have no effect on output. C) increase output but have no effect on the real wage. D) have no effect on either output or the real wage.