When a firm has monopoly power, it
A) hires fewer workers because its marginal revenue lies below the demand curve.
B) hires more workers because its marginal revenue lies below the demand curve.
C) hires fewer workers because its marginal revenue lies above the demand curve.
D) hires more workers because its marginal revenue lies above the demand curve.
A
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If a graph has a line that shows the amount of outsourcing in the last ten years, it is known as
A) a pie chart. B) a time-series graph. C) a demand curve for outsourcing. D) a supply curve of outsourcing.
Refer to the information provided in Table 20.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
Table 20.5
Refer to Table 20.5. In Vietnam, the opportunity cost of
A. a lb. of tea is 1/8 of a bushel of cashews. B. a lb. of tea is 2/15 of a bushel of cashews. C. a bushel of cashews is 4/3 of a lb. of tea. D. a lb. of tea is 40 bushels of cashews.