City streets, sewage systems, and police protection are all examples of:
a. public goods.
b. private goods.
c. exclusive goods.
d. rival goods.
e. consumer goods.
a
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Which of the following describes the difference between the market demand curve for a perfectly competitive industry and the demand curve for a firm in this industry?
A) The market demand curve is downward sloping; the firm's demand curve is a vertical line. B) The market demand curve is downward sloping; the firm's demand curve is a horizontal line. C) The market demand curve is a horizontal line; the firm's demand curve is downward sloping. D) The market demand curve can not have a constant slope; the firm's demand curve has a slope equal to zero.
The figure supports all of the following statements regarding the marginal factor cost curve for a monopsonist EXCEPT
A) the monopsonist firm looks at a marginal cost curve, MFC, which slopes upward and is above its labor supply curve. B) the marginal benefit of hiring additional workers is given by the firm's MRP curve. C) the intersection of MFC with MRP, at point E, determines the number of workers hired. D) a monopsonist cannot find the profit-maximizing quantity of labor demanded at E.