What were the negative results predicted by Malthus' and how can we avoid such results?
Malthus predicted that per capita income would eventually decline to a subsistence level of income. We can avoid such a result through technological advance at a pace sufficient enough to offset the diminishing marginal return on existing natural resources.
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When a cartel maximizes its profit,
A) each firm necessarily produces the same amount. B) the industry level of output is efficient. C) industry marginal revenue equals industry marginal cost at the level of total output. D) total output is greater than it would be without collusion.
If the labor market is competitive, a monopoly output market will result in
A) a lower wage than that of a competitive output market. B) a higher wage than that of a competitive output market. C) less labor hired than in a competitive output market. D) more labor hired than in a competitive output market.