Which of the following is not correct? In a 2006 survey of Ph.D. economists,
a. 47 percent favored eliminating the minimum wage.
b. 14 percent would maintain the minimum wage at its current level.
c. 38 percent would increase the minimum wage.
d. 10 percent would decrease the minimum wage.
d
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Given that the firm offers both the products would the chefs ever pay the full $100 for the high-end wok
a. Yes, because they value it at $100 b. No, because they value it at $70 c. No, because they can get a positive consumer surplus buying the no-name brand d. All of the above
As a price setter, a monopoly
a. can establish any price it wants for each output level b. can sell any output level it wants for each price c. is constrained by the market demand curve d. can use its pricing policy to shift the market demand curve e. faces an upward-sloping demand curve for its output