Refer to Figure 13-11. What is the allocatively efficient output for the firm represented in the diagram?

Which of the following groups of people are members of the labor force?

a. People in prison. b. Full-time students. c. People over 16 years of age who are employed. d. Anyone not actively looking for work during the past 30 days.

Exhibit 10-6 Two-Firm Payoff Matrix Suppose costs are identical for the two firms in Exhibit 10-6. Each firm assumes without formal agreement that if it sets the high price its rival will not charge a lower price. Under these "tit-for-tat" conditions, equilibrium will be established by:

A. Widget Co. charging the high price and Ajax Co. charging the low price. B. Widget Co. charging the high price and Ajax Co. charging the high price. C. Widget Co. charging the low price and Ajax Co. charging the low price. D. Widget Co. charging the low price and Ajax Co. charging the high price.