Describe the trends in U.S. manufacturing employment and U.S. manufacturing output over the last 40 years. What factors have contributed to these?
What will be an ideal response?
Manufacturing employment is down while output and exports are up. Rising productivity, a relocation of the sector within the United States are both significant in terms of explaining people's perceptions of the situation versus the reality.
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Suppose a government sets theprice for a natural monopoly at the competitive level such that P = MC. To keep the seller from taking a loss under this policy, the government could provide a lump-sum payment to the firm
How could we determine this payment? A) Multiply the competitive quantity by the competitive marginal cost B) Multiply the competitive quantity by the regulated price C) Multiply the competitive quantity by the difference between MC and AC D) Multiply the difference in the competitive and monopoly quantities by AC
If marginal revenue equals marginal cost in the short run, the perfectly competitive firm earns zero profits
a. True b. False Indicate whether the statement is true or false