For all firms, the additional revenue collected from the sale of one additional unit of output is termed:

Suppose a monopoly producer is also a monopsonist in the labor market. Demand for the output is p = 100 - Q. The production function is Q = L, and the labor supply curve is w = 10 + L. How much labor does the firm hire? What wage is paid?

What will be an ideal response?

The market demand curve for a good is found by

a. adding up the quantities demanded by all consumers at different prices of that good b. adding up the quantities demanded by all consumers at different incomes c. adding up the maximum price each consumer is willing to pay for each possible quantity of the good d. varying consumers' total income and determining what prices they are willing to pay e. vertically summing the individual consumers' demand curves