A firm's resource input, total output of labor, and product price schedules are given below. If labor is the only variable input, how much labor should the firm employ if the wage rate is $15 per day?

The simple circular flow of income shows that the total income in an economy equals

A) all taxes paid by households. B) total expenditures. C) the total amount of money supplied by the government. D) total profits earned by firms.

A firm that has a great deal of control over the price of a good is said

A) to function in a black market. B) to create an externality. C) to have monopoly power. D) to be in an antitrust position.